US pre-open: Stocks seen down as investors eye inflation data

US stock futures pointed to a weaker open on Wall Street on Tuesday as investors eyed the latest inflation report due this week.

At 1110 BST, Dow Jones Industrial Average and S&P 500 futures were down 0.3%, while Nasdaq futures were 0.4% lower.

Neil Wilson, chief market analyst at Markets.com, said: "Looking ahead to later in the week, US CPI inflation for April is the main event. Inflation eased in March to the lowest level in almost two years but a rise in core price growth alarmed policymakers.

"CPI for March fell to 5% year-on-year, down from 6% in February. However, core hit 5.6%, up 0.4% on the month, suggesting that sticky inflation will continue to dog the Fed."

Sentiment was also dented after disappointing results from Apple supplier Skyworks Solutions and payments firm PayPal.

Skyworks was nearly 10% lower in pre-market trade after its third-quarter guidance missed expectations. The company guided to revenue of between $1.05bn and $1.090bn, versus estimates of $1.16bn.

Meanwhile, PayPal was down 4% in pre-market despite lifting its full-year earnings per share guidance.

Palantir Technologies surged 18% ahead of the open after its first-quarter earnings beat expectations and it said it expects to make a profit in every quarter of this year.

WeWork was also likely to be in focus after first-quarter results.