US pre-open: Stocks seen muted ahead of more Fedspeak

US futures pointed to a muted open on Wall Street as investors looked ahead to more Fedspeak.

At 1120 BST, Dow Jones Industrial Average futures were down 0.1%, while S&P 500 and Nasdaq futures were flat.

Meanwhile, oil prices were just a touch higher ahead of the latest weekly crude oil stock data from the American Petroleum Institute at 2130 BST. West Texas Intermediate was up 0.1% at $46.48 a barrel and Brent was 0.2% firmer at $49.43.

Accendo Markets analyst Mike van Dulken said: "Continuing positive OPEC rhetoric regarding a production cut extension has sought to instil fresh optimism into benchmarks, however an unwillingness to overcome $49.50 (Brent) and $46.60 (US) resistance levels shows investors are hoping for more solid assurances than are currently being given by members and non-members alike."

On Monday, US equities ended flat, showing little reaction to Emmanuel Macron's victory in the French Presidential election, although the Nasdaq and S&P 500 did hit fresh intraday record highs.

IG analyst Chris Beauchamp said: "While the market remains resilient, it is becoming increasingly clear that the breadth of the gains, i.e. the number of companies driving the market higher, is getting weaker. Healthy rallies are built on broad-based gains, not on just a few big names like Apple doing all the work.

"This reinforces the idea that the foundations of the rally are becoming increasingly shaky, and that the clear out, if and when it comes, will be swift and brutal. Ahead of the open, we expect the Dow to start at 21,021, nine points higher from Monday’s close."

Investors will be turning their attention to more Fedspeak, with Minneapolis Fed President Neel Kashkari due to talk at the Minnesota High Tech Spring Conference, while Boston Fed President Eric Rosengren is set to make a speech at the NYU Stern School of Business. In addition, Dallas Fed President Rob Kaplan will appear in a moderated discussion at the Dallas Regional Chamber.

On the corporate front, Marriott International was higher in pre-market trade after its quarterly earnings late on Monday beat expectations.

Nvidia Corp, Office Depot, Allergan, Valeant Pharmaceuticals and Discovery Communications were among the companies slated to report earnings before the opening bell. After the close, earnings were due from Walt Disney and Priceline.

On the data front, JOLTS job openings are at 1500 BST, along with wholesale inventories.