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US stocks rose Tuesday to shake off some mild early-week losses, as markets looked to extend last week’s gains.

The S&P 500 rose more than 1% shortly after market open, after ending Monday slightly in the red. The Dow and Nasdaq each also increased by around 1% Tuesday morning. US crude oil prices briefly rose above $111 per barrel, and the 10-year Treasury yield jumped back above 3.25% to approach last week’s highs.

Major US-listed Chinese stocks rose in New York trading after China cut in half its required quarantine times for travelers, in a sign the country may be loosening its most stringent COVID zero policies that had acted as a risk to growth. Chinese internet companies including Alibaba (BABA) and Baidu (BIDU) gained, and stock indexes in Asia and Europe broadly gained.

US equity investors remain closely attuned to signs of an economic deceleration in the US, with inflation continuing to run at multi-decade highs and monetary policymakers maintaining a firm stance that their priority remains bringing down prices even at the expense of some growth. Closely watched data from the University of Michigan last Friday suggested consumers were at least beginning to temper their expectations for how hot inflation will run in the near-term, however, helping contribute to a stock rally that closed out the S&P 500’s second-best week of 2022.

With quarterly corporate earnings season set the pick up in the next few weeks, the focus will soon shift to how companies have been navigating persistent inflation alongside early indications of softening demand. As of Friday, consensus Wall Street strategists were still predicting S&P 500 earnings would grow, in aggregate, by 10.4%, according to FactSet. Some have indicated this estimate will need to be revised down to fully reflect inflation’s impact to margins, and the effects of an otherwise softening economy. Semiconductor bellwether Micron (MU) is set to report earnings later this week, with the pace of the earnings reports set to pick up in mid-July.

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