Investing.com - U.S. stock futures pointed to a higher open on Tuesday, as a rally in oil prices lifted sentiment, while traders awaited another batch of corporate earnings results.
The blue-chip Dow futures rose 101 points, or 0.57%, by 10:52GMT, or 6:52AM ET, the S&P 500 futures tacked on 12 points, or 0.56%, while the tech-heavy Nasdaq 100 futures advanced 24 points, or 0.54%.
U.S. crude was up 40 cents, or 0.92%, to $43.84 a barrel during morning hours in New York, while Brent tacked on 69 cents, or 1.58%, at $44.32, as market players continued to weigh supply disruption in Canada and waited for fresh weekly information on U.S. stockpiles of crude and refined products.
In a light economic calendar day, markets will take the pulse of the labor market with the job openings report for March, while investors could also eye the March wholesale inventories that will both be released at 14:00GMT, or 10:00AM ET.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, extended its five-day win streak in early trade Tuesday, climbing to 94.26, the most since April 28. It last stood at 94.17.
The greenback broke through the 109 psychological level against the yen after continued comments about possible intervention by the Japanese government.
Among active pre-market movers, SolarCity Corporation (NASDAQ:SCTY) shares sank nearly 20% as the company posted a wider-than-expected quarterly shortfall.
Clothing retailer Gap Inc (NYSE:GPS) slumped more than 13% after reporting that April and first-quarter revenue fell from the prior-year periods.
Companies slated to release quarterly earnings ahead of Tuesday’s opening bell include Lumber Liquidators Holdings Inc (NYSE:LL), Dean Foods Company (NYSE:DF), Sodastream International Ltd (NASDAQ:SODA) and Norwegian Cruise Line Holdings Ltd (NASDAQ:NCLH), while Walt Disney Company (NYSE:DIS) and Electronic Arts (NASDAQ:EA) will post numbers after Wall Street closes.
Elsewhere, European stock markets pushed higher for the second straight session on Tuesday, amid a bounce back in oil prices and some positive earnings from the likes of Credit Suisse (SIX:CSGN).
Earlier, shares in Asia closed mostly higher, with Japan’s Nikkei 225 leading gains thanks to broad weakness in the yen.
Investors digested another round of Chinese economic data. The National Bureau of Statistics reported earlier that China’s consumer price index rose 2.3% in April from a year earlier, below forecasts for an increase of 2.4%. The producer price index fell 3.4% on a year-over-year basis, compared to a decline of 4.3% in January, the agency said.