US pre-open: Stocks seen firmer ahead of Fedspeak, PMIs

US futures pointed to a positive open on Wall Street on Tuesday as investors looked to more Fedspeak and key readings on the manufacturing and services sectors.

At 1125 BST, Dow Jones Industrial Average futures were up 0.2%, while S&P 500 and Nasdaq futures were 0.1% firmer.

Meanwhile, stocks in the UK were edging a little higher despite a suicide bomb attack at an Ariana Grande concert in Manchester that has left 22 people dead - including children - and more than 50 injured.

Oil prices were on the back foot ahead of Thursday's OPEC meeting in Vienna. West Texas Intermediate was down 1% to $50.66 a barrel and Brent crude was off 1.1% to $53.31.

IG analyst Chris Beauchamp said: "We have already had plenty of headlines this morning, as Kuwait lets everyone know that a big extension in cuts could be difficult to achieve. This sounds like expectation management - given the surge in crude prices in recent weeks, the cartel needs to play down hopes of a deal, so that when one arrives the market will roll over obediently and continue bidding up the oil price.

"There are plenty of risks to this strategy, with one appearing this morning as President Trump airs the idea of selling some of the US stockpile to raise cash. Everywhere OPEC turns, it seems, it runs into a new supply glut."

On the macroeconomic calendar, Markit's manufacturing and services purchasing manager's indices are due at 1445 BST, while new home sales and the Richmond Fed manufacturing index are at 1500 BST.

Market participants will also be eyeing speeches from Minneapolis Fed President Neel Kashkari at 2000 BST and Philadelphia Fed President Patrick Harker at 2200 BST, ahead of the Fed's latest minutes on Wednesday.

Konstantinos Anthis at ADS Securities said: "The May PMI figures are expected to come in positive which could act as a short-term catalyst for the dollar especially as tomorrow's FOMC minutes should confirm that the Fed remains on course for hiking rates in their June meeting."

In corporate news, Agilent Technologies was likely to be active after it lifted its earnings and revenue guidance for the year late on Monday.