US pre-open: Stocks seen muted as investors pause for breath
US futures pointed to a muted open on Wall Street on Tuesday after the Nasdaq and the S&P 500 closed at record highs in the previous session on the back of rising oil prices.
At 1105 BST, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all flat.
Oil prices edged higher amid expectations that OPEC will extend production cuts, with West Texas Intermediate and Brent crude up 0.5% to $49.10 a barrel and $52.10, respectively.
Meanwhile, the dollar index was down 0.4% following reports that President Trump shared highly classified information about IS with Russia's foreign minister last week.
IG analyst Chris Beauchamp said: "US markets have remained determinedly resilient in the face of the scandals emerging from Washington, but with a fresh crisis emerging overnight regarding intelligence revelations, you do have to wonder how long stocks can maintain their equanimity. The real catalyst would be a sign that Republican lawmakers are becoming fed up with the turbulent president; until this happens the Trump bandwagon will continue to rumble along in its entertaining yet disturbing fashion."
On the corporate front, Ford Motor was higher in pre-market trade on news that it plans to cut its global workforce to boost profits.
Elsewhere, Home Depot was a touch higher in pre-market trade after the release of its first-quarter earnings, while Staples was still due to report ahead of the opening bell.
On the macroeconmic calendar, housing starts and building permits are due at 1330 BST, while industrial production is at 1415 BST.
Societe Generale said: "Industrial production data earlier this year was held down by unseasonably warm weather, which led to a big drag on the headline from utilities output. That drag reversed in March, and utilities may again have aided a rise in industrial production in April, while capacity utilisation could have climbed to its highest level since late 2015.
"Our forecast for April's industrial production is 0.5% month-on-month, after 0.5% in March. Meanwhile, housing starts likely bounced in April after being held down by some severe negative swings in a couple of regions in March. Our forecast for April is 1275m units, up from 1215m.