US pre-open: Futures in the red following Monday's reversal

Wall Street futures were in the red ahead of the bell on Tuesday following a massive reversal in the previous session to begin the new month.

As of 1210 BST, Dow Jones futures were down 0.45%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.43% and 0.41% lower, respectively.

The Dow closed 84.29 points higher on Monday as major indices kicked off May on a positive note following a brutal month for stocks in April.

Futures were pointing to a negative open ahead of the bell on Tuesday, with investors looking ahead to the Federal Reserve's meeting later in the week. The central bank is widely expected to raise interest rates by 50 basis points following the Wednesday meeting but many investors already see expectations of an aggressive tightening of monetary from the Fed as already being priced into markets.

Also in focus, the yield on the benchmark 10-year Treasury note eased off slightly to 2.993% ahead of the bell on Tuesday after hitting 3.01% on Monday, its highest reading since December 2018.

In the corporate space, Hilton Worldwide said system-wide comparable revenue per available room had shot up 80.5% year-on-year but remained 17% weaker than 2019 levels, on a currency-neutral basis, while Estee Lauder shares were in the red prior to the open after missing on revenue estimates and downgrading full-year forecasts.

Molson Coors reiterated its full-year 2022 growth outlook for sales and underlying income after sales beat consensus estimates and Pfizer beat Q1 estimates as Covid-19 vaccines and antivirals boosted revenues throughout the period.

Still to come, AMD, Airbnb, Starbucks and Denny's will all update after the close.

On the macro front, March factory orders data will be published at 1500 BST.