US pre-open: Markets set to fall on global sell-off concerns

US markets were set to fall again on Tuesday amid concerns of a global sell-off.

The Dow Jones Industrial Average was set to open down at least 147 points, while the S&P 500 and the Nasdaq were expected to start the session 18 and 35 points lower, respectively.

The Job Openings and Labor Turnover survey data for December is due out at 1500 GMT as well as wholesale inventories and trade sales data for the same month.

Nikkei slides as investors flee to safety.

Elsewhere, stocks in Japan fell more than 5% on Tuesday, and the yield on the country's benchmark government bond slid into negative territory for the first time as investors showed signs they were huddling under safe havens.

The yen - often described as a safe haven investment during market volatility - rose against the US dollar during the day.

Sumimoto Mitsui Asset Management chief strategist Hitoshi Ishiyama also believed the US Federal Reserve's landmark interest rate rise in December was still having an effect on markets, instilling fears about a tighter climate and driving down oil prices. "Slower demand and oversupply along don't explain these tumbles", he said.

"Oil prices are taking a hit from a major shift in monetary policy."

European stocks were lower in choppy trade, with investors cautious amid ongoing concerns over global growth.

Oil prices had dipped below $30 a barrel again, but with West Texas Intermediate up 0.51% to $29.84 a barrel and Brent rising 0.24% to $32.96.

The dollar was up 0.58% against the pound and 0.29% against the euro, but had dropped 0.42% against the yen. Spot gold was up 0.61% to $1,196.46.

In company news, Coca-Cola posted fourth quarter earnings of $10bn, slightly above expectations of $9.9bn, which is expected to send shares up when the market opens.

Wendy’s preliminary fourth quarter profits also beat expectations, sending shares up over 3% before the bell.