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U.S. stock futures slipped Tuesday as traders looked ahead to the release of April’s consumer price index reading and weighed higher oil prices.
Futures for the Dow Jones Industrials weakened 41 points, or 0.1%, to 49,751.
Futures for the S&P 500 gave back 31.75 points, or 0.4%, to 7,405
Futures for the NASDAQ retreated 280.25 points, or 0.9%. to 29,143.75
West Texas Intermediate futures jumped 3% on Tuesday to trade at $101.01 per barrel. Brent crude climbed 2.7% to $107.02.
Those gains built on Monday’s advance, after President Donald Trump called the month-old ceasefire between the U.S. and Iran “unbelievably weak” and said it was “on massive life support” after rejecting an “unacceptable” counterproposal from Tehran to end the war.
In its latest counteroffer, Iran has insisted on war reparations, full sovereignty over the Strait of Hormuz, the release of frozen Iranian assets and the need to lift sanctions.
Traders are also awaiting the April consumer price index reading is due at 8:30 a.m. ET. Economists polled by Dow Jones are calling for headline inflation to have gained 3.7% from a year earlier. They anticipate April’s CPI will have grown 0.6% from the prior month.
Wendy’s shares rallied more than 9% after The Financial Times reported, citing people familiar with the matter, that Nelson Peltz’s Trian Fund Management was looking to raise funds for a bid to take the fast-food chain private.
The stock has fallen 45% over the past year.
In Japan, the Nikkei 225 regained 0.5%, while the Hang Seng index in Hong Kong ditched 0.2%
Oil prices gained $3.24 to $101.31 U.S. a barrel.
Gold prices fell $24.40 to $4,704.30 U.S an ounce.
