US pre-open: Futures in the green as Russia pulls back troops from Ukrainian border

As of 1210 GMT, Dow Jones futures were up 1.13%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.51% and 2.13% firmer, respectively.

The Dow closed 171.89 points lower on Monday on the back of ongoing rate hike worries and fears of a possible imminent Russian invasion of Ukraine.

However, Moscow claimed early on Tuesday that it was pulling back some of the 100,000 troops amassed at Ukraine's border.

While Russia's defence ministry has consistently denied that it was planning an attack against its neighbour and was simply conducting training exercises, it has been chasing a guarantee that Ukraine will not be allowed to join NATO.

Ukraine officials were still skeptical of the alleged de-escalation, stating they'll believe it "when we see the withdrawal."

Also in focus, bond yields were higher across the board, with investors abandoning safe-haven fixed income, as the benchmark 10-year Treasury note was yielding around 2.04% ahead of the bell.

On the macro front, January's producer price index and February's NY Empire State manufacturing index will both be published at 1330 GMT.

In the corporate space, Marriott will publish its latest quarterly results before the open, while La-Z-Boy, Denny's, Wyndham Hotels, ViacomCBS and Wynn Resorts will all report after the close.