US pre-open: Stock futures struggle for direction ahead of US inflation

US stock futures struggled for direction on Tuesday as oil prices wavered and traders awaited inflation data.

Dow Jones Industrial Average futures rose 14 points to 17,678, S&P 500 futures increased 0.30 point to 2,063 and Nasdaq futures climbed 5 points to 4,379.7.

Oil prices fell after reaching a 2016 high on Monday with West Texas Intermediate crude down 0.06% to $47.69 per barrel and Brent down 0.59% to $48.68 per barrel.

In economic data, US inflation will be in focus at 1330 BST. The consumer price index is expected to pick-up to 0.3% month-on-month growth in April from 0.1% in March. On a year-on-year basis CPI is forecast to rise 1.1% in April following a 0.9% increase a month earlier.

The Federal Reserve is targeting 2% inflation and will be taking the data into consideration ahead of its next decision on interest rates in June. The Fed releases the minutes of its 26-27 April meeting on Wednesday which may offer clues on the central bank’s plans for policy.

Ahead of the minutes, San Francisco Federal Reserve Bank President John Williams will speak on the economy at the Politico Event in New York at 1700 BST, a day after saying he expects between two to three interest rate hikes this year.

Fed Bank of Dallas President Robert Kaplan is also due to speak in a moderated question and answer session at the Petroleum Club of Midland in Texas at 1815 BST.

Company-wise, Apple's shares jumped in pre-market trade after Warren Buffett’s Berkshire Hathaway Inc. bought a 9.8 million-share stake during the first quarter.

Shares of LendingClub Corp. dropped ahead of the opening bell as the online lender late Monday revealed it was being investigated by the US Justice Department after the disclosure of faulty internal controls.

Home Depot advanced after raising its 2016 earnings outlook and reporting better-than-expected first quarter results.

Perrigo Co. slumped after the maker of health care products reported a fourth-quarter loss.