US pre-open: Futures in the red as Treasury yields rise

US futures were in the red ahead of the bell on Tuesday as Treasury yields continued to rise.

As of 1240 GMT, Dow Jones futures were down 0.85%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.84% and 1.10% lower, respectively.

Wall Street trading was suspended on Monday in observance of George Washington's Birthday.

In focus early on Tuesday, the yield on the benchmark 10-year Treasury note climbed to 3.87%, while the two-year note advanced to 4.669% - building on gains recorded last week as traders digested hotter-than-expected inflation data that further exacerbated recession fears.

On the macro front, a flash reading of S&P Global's composite, manufacturing and services PMIs will be published at 1445 GMT, while January existing home sales data will follow at 1500 GMT.

In the corporate space, brewer Molson Coors beating earnings per share estimates by $0.23 despite revealing that quarterly revenues had fallen, while retail giant Walmart beat on quarterly earnings as revenues topped estimates but sounded a cautious tone in regards to the economy and forecast softer-than-expected full-year earnings estimates.

Home Depot also reported revenues that fell short of estimates and issued a muted outlook.

Still to come, Hostess Brands and La-Z-Boy will report earnings after the close.

Reporting by Iain Gilbert at Sharecast.com