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US futures add to gains after June CPI data

U.S. stock-index futures rose on Tuesday, adding to gains after the government reported the cost of living rose in June, with investor sentiment also stabilized by a breakthrough in developments over the downed Malaysia Airlines plane and encouraging earnings reports.

"There is no upside surprise to inflation expectations, which is good news because there is a cohort of investors that believe the Fed is behind the curve as it relates to inflation, and the most recent reading does not bear that out," said Art Hogan, chief market strategist at Wunderlich Securities.

The consumer price index rose 0.3 percent last month after a 0.4 percent rise in May. The core measure, which does not take food and energy costs into account, increased 0.1 percent.

Read MorePrices rise in June as consumers feel pain at the pump

"The other trend here today is earnings continue to be much stronger than expected; we're finally starting to see revenue growth kick in, and that's the pivot point to this earnings season so far," said Hogan.

U.S. second-quarter results had a slew of big names reporting before the bell. Investors cheered results by CNBC's parent company Comcast, as well as from Verizon and DuPont. Coca-Cola shares fell in early New York trading after the beverage maker reported a 3 percent fall in quarterly profit. McDonald's declined after the fast-food chain reported earnings that fell short of estimates.

Read MoreEarly movers: KO, MCD, VZ, AAPL, NFLX, CS & more

Technology giants Apple and Microsoft will publish numbers after the close of trade.

"It also feels like the international community is working hard to both broker a ceasefire in the Middle East and get to some answers on Ukraine and Malaysia fight MH17," Hogan added.

As stock futures gained, so did the U.S. dollar and the yield on the 10-year Treasury note.

Crude futures gained, and gold futures fell.

In developments overseas, pro-Russia rebel leaders handed over two black boxes from the plane to experts in Donetsk in Ukraine, who confirmed they were in good condition. Meanwhile, Russia's envoy to Malaysia said in a news conference that the rebels did not have Buk missile systems and called for an investigation to be conducted by the international community.

In addition, President Barack Obama said in a televised speech on Monday that he would still prefer a diplomatic resolution to the situation in Ukraine and did not announce any "level three" sanctions.

The focus now turns to a meeting of European Union foreign ministers on Tuesday to discuss further sanctions against Russia.

Read MoreMH17 latest: Focusturns to EU meeting on Russia

Analysts at Capital Spreads said European equities were "perking up" due to the positive steps seen in Ukraine.

"Co-operative steps from the pro-Russian rebels have soothed traders' fears that East-West relations are about to resemble the cold war era, but attention and risk now moves to the foreign ministers meeting today," they said in a morning note.

"Despite tough rhetoric from the U.S. and the U.K. about escalating sanctions on Russia, and apparent agreement from France and Germany, suspicion is that there will be a reiteration of the tier-two sanctions and a 'warning' that Russia is only a step away from tier-three."

Gaza ceasefire?

Hopes for a ceasefire in Gaza were also in focus after U.S. Secretary of State John Kerry and United Nations Secretary-General Ban Ki Moon arrived in Cairo for talks aimed at stopping the bloodshed.

Read MoreApple earnings: It's all about the iWatch, iPhone

Netflix, which gained 1.5 percent on reporting earnings after Monday's closing bell, could get some attention Tuesday.

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