Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 7, 2022. Reuters

U.S. stock indexes were set for a subdued open on Tuesday as investors assessed the economic impact of aggressive rate hikes, escalating Russia-Ukraine war and China ramping up COVID-19 measures.

The three main indexes have been on a loss-making streak in the past few sessions as recent data continues to point to more policy tightening by the U.S. Federal Reserve that could tip the economy into a recession.

Most rate-sensitive growth stocks such as Microsoft Corp, Twitter Inc,, Apple Inc, and Tesla Inc were down between 0.1% and 0.2% in premarket trading.

The yield on the benchmark 10-year U.S. Treasury note was up on Tuesday, hitting a day's high of 4.006%. [US/]

With recent economic indicators signaling persistent inflation going forward, money markets are pricing in a 92% chance of another 75-basis-point hike at the Fed's meeting in November.

A consumer prices report due on Thursday will offer some clues on inflation, with focus also on minutes from the Fed's September meeting expected later in the week.

"If we continue to get inflation data that is not showing any signs of slowing, the Fed's not going to lay off, there's no Fed pivot coming," said Dennis Dick, founder and market structure analyst at Triple D Trading Inc.

"Right now the market wants to see data, show me the numbers, show me we're getting inflation down. Until then, this market is probably stuck in this whole death by a 1,000 cuts scenario."

Belarus said on Tuesday that its forces had grouped with Russian troops on its borders as a defensive measure, further aggravating a spiraling war.

Shanghai and other big Chinese cities have ramped up COVID-19 testing amid a rise in infections, with some local authorities hastily closing schools, entertainment venues and tourist spots.

Major U.S. banks are set to report third-quarter results on Friday that may offer insight into the health of the U.S. economy.

Estimates for the earnings season have been revised downwards in recent weeks. Analysts now expect year-over-year profit for S&P 500 companies to have risen 4.1% in the quarter, compared with an increase of 11.1% expected at the beginning of July, according to IBES data from Refinitiv.

The CBOE Volatility index, also known as Wall Street's fear gauge, rose to 33.57 points, up for a fourth straight session and inching closer to near two-weeks high.

At 08:26 a.m. ET, Dow e-minis were up 6 points, or 0.02%, S&P 500 e-minis were down 2.25 points, or 0.06%, and Nasdaq 100 e-minis were down 10.25 points, or 0.09%.

Amgen Inc shares jumped nearly 3% after a report said Morgan Stanley upgraded the drugmaker's stock to "overweight" from "equal weight".

The Nasdaq Composite index closed at its lowest level since July 2020 on Monday, while the Philadelphia SE Semiconductor index slumped to an almost two-year low after the United States announced restrictions aimed at hobbling China's semiconductor industry.