US pre-open: Stocks seen touch higher ahead of Fed speak, data

US futures pointed to a slightly firmer open on Wall Street on Tuesday as investors eyed speeches from a number of Federal Reserve officials and a raft of data releases.

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

Meanwhile, oil prices advanced, with West Texas Intermediate up 0.9% to $48.16 a barrel and Brent crude up 0.8% to $51.16.

The dollar was 0.1% weaker versus the pound at 0.7954, 0.1% stronger versus the euro at 0.9207 and flat against the yen at 110.64 following heavy losses in the previous session on the back of Donald Trump's failure to push through a plan to repeal Obamacare.

Craig Erlam, senior market analyst at Oanda, said: "US equity markets are poised to open slightly higher on Tuesday, building on the recovery we saw throughout yesterday’s session after indices started the week lower in response to Donald Trump’s failed healthcare bill.

"The failure to generate support for the bill despite delivering a last ditch ultimatum to lawmakers is seen as potentially being a sign of weakness and even political naivety from Trump which has cast doubt on whether he’ll face similar problems when it comes to his other policies. Ultimately, the more than 15% rally in equity markets, along with the rise in the US dollar and Treasury yields, since Trump’s victory has been built on the belief that he will deliver and if doubts are in fact creeping in, those gains will start to disappear."

"Once markets get back to more attractive levels, we may once again see the dips being bought and optimism in Trump to deliver on tax reform and fiscal stimulus will suddenly return as well."

Wholesale inventories and the goods trade balance are due at 1330 BST, while S&P/Case-Shiller house prices are at 1400 BST.

Market participants will also be eyeing speeches from Kansas City Fed President Esther George, Fed Chief Janet Yellen, Dallas Fed President Rob Kaplan and Fed Governor Jerome Powell, while Fed Vice Chairman Stanley Fischer is due to be interviewed on CNBC.

In light of the way markets responded to the dovish hike earlier this month, investors will be looking to see whether policy makers remain along these lines or start talking up the prospect of another hike in June.

In corporate news, Olive Garden parent Darden Restaurants was higher in pre-market trade after its earnings late on Monday surpassed analysts' expectations.

American Airlines was also likely to be active after saying it will make a $200m equity investment in China Southern Airlines.

Amazon could also be in focus after striking a deal to buy Dubai-based Souq.com, the Middle East's largest online retail and marketplace site, for an undisclosed sum.

Carnival Corp and McCormick & Co were among the companies due to report earnings ahead of the opening bell.