U.S. stock index futures moved higher on Tuesday after a lower-than-expected inflation report boosted expectations that the Federal Reserve was on track to lower borrowing costs this year. A Labor Department report showed April consumer price inflation rose 0.

Chinese Vice Premier He Lifeng, who met his U.S. counterparts in Geneva, described the meeting as "candid" and an important first step.

The US and China have agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period, according to a joint statement from the two countries.

The US and China said on Monday that they would both cut tariffs for at least the next 90 days, following talks in Geneva at the weekend.