US pre-open: Futures in the red as Russia-Ukraine tensions take centre stage

Wall Street futures were in the red ahead of the bell on Tuesday as investors returned from a break in observance of George Washington's birthday to an escalation in tensions between Russia and Ukraine.

As of 1210 GMT, Dow Jones futures were down 0.25%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.17% and 0.60% lower, respectively.

The Dow closed 33.58 points higher on Friday ahead of the long weekend.

However, the mood turned sour after Russian President Vladimir Putin said he would recognise the independence of two breakaway regions in Ukraine, potentially undercutting peace talks with US President Joe Biden. Putin later ordered forces into the two regions. The announcement was then followed by news that the White House will impose sanctions on separatist regions of Ukraine, with the European Union also vowing to take further measures.

Biden has accepted "in principle" to meet with Putin as part of his administration's efforts to deescalate the Russia-Ukraine situation. The meeting will occur after Secretary of State Antony Blinken and his Russian counterpart Sergey Lavrov speak.

On the macro front, December's house price index will be published at 1400 GMT, a flash reading of this month's IHS Markit manufacturing PMI will follow at 1445 GMT and February's consumer confidence report will come at 1500 GMT.

In the corporate space, Home Depot beat sales estimates in its fiscal fourth-quarter and predicted that it will see further growth in 2022, while Macy's fourth-quarter earnings topped estimates as the retailer said sales outpaced expectations and a strategic review of its operations led it to accelerate its turnaround plans.

Still to come, Toll Brothers, Coca Cola, Paramount and Virgin Galactic will all report earnings after the close