Stock futures rose on Tuesday on renewed hopes for a global economic recovery after Australia raised interest rates.

Investors are also anticipating that the earnings season, which unofficially starts Wednesday with Alcoa Inc , will bring positive surprises.

The U.S. dollar fell further against a basket of currencies, lifting commodity prices and indicating an increase in risk appetite that also boosts equities.

It's all about risk appetite growing and anticipation of a decent earnings season, said Peter Cardillo, chief market economist at Avalon Partners in New York. And the interpretation that the first (G20) central bank to hike rates is an indication that the global economy is faring better than most people have expected.

S&P 500 futures rose 9.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 66 points, and Nasdaq 100 futures added 13 points.

Australia's central bank raised its key cash rate by 25 basis points to 3.25 percent on Tuesday and heralded more to come, saying it was safe to pull back on stimulus. It is the first G20 central bank to raise rates as the global financial crisis eases.

Pepsi Bottling Group Inc

reported a slightly higher-than-expected quarterly profit on Tuesday, helped by easing commodity costs.

Global semiconductor revenue could grow about 10 percent next year after two years of declines, as new computers and feature-jammed smartphones boost chip demand, according to research firm Gartner.

Fertilizer maker Mosaic Co posted a 91 percent drop in fiscal first-quarter profit, but said it hoped farmers would increase fertilizer purchases in the near future.

Other companies reporting results on Tuesday include Yum Brands Inc .

U.S. stocks bounced back on Monday after a four-day losing streak, as optimism about upcoming earnings gathered steam and data showed the economy's critical services sector expanded for the first time since August 2008.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)