Stock futures rose on Tuesday, after the Chinese central bank raised interest rates, sending the yen lower and easing concerns about the unwinding of a foreign exchange trading strategy called the carry trade.

S&P 500 futures were up 1.10 points, above fair value, a formula to evaluate pricing taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 18 points, and Nasdaq 100 futures slipped 1.25 points.