US open: Stocks dip as investor eye CPI, debt ceiling talks
Wall Street's main stock market gauges were trading slightly lower as investors waited on the release of the Consumer Price Index for April due out on the following day.
They were also keeping track of debt ceiling talks on Capitol Hill with President Joe Biden and House speaker Kevin McCarthy due to meet later on Tuesday.
At 1622 BST, the Dow Jones Industrial Average was off by 0.03% or 9.63 points to 33,607.82, the S&P 500 was dipping 0.28% or 12.03 points to 4,126.14, and the Nasdaq Composite was down by 0.5% to 12,195.79.
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."
Also dragging on investor sentiment, the National Federation of Independent Business's small business confidence index slipped from a reading of 90.1 for April to 89.0 in May (consensus: 89.7).
On the corporate side of things, Skyworks was nearly 6% lower after its third-quarter guidance missed expectations. The company guided to revenue of between $1.05bn and $1.090bn, versus estimates of $1.16bn.
PayPal was down 11% despite lifting its full-year earnings per share guidance.
Palantir Technologies surged 21% after its first-quarter earnings beat expectations and it said it expects to make a profit in every quarter of this year.
Boeing was up by 2% after Ryanair ordered 300 new 737-Max-10 jets in an order valued at more than $40bn.