Investing.com - Wall Street futures pointed to a higher open on Tuesday, as investors eyed a fresh batch of earnings reports due throughout the day and as rising oil prices were expected to continued to support equities.
The blue-chip Dow futures were up 0.20%, the S&P 500 futures rose 0.28%, while the tech-heavy Nasdaq 100 futures inched up 0.05%.
Oil prices continued to move higher after Russia announced on Monday that its crude output would remain flat next year.
Investors also continued to focus on hints from the Federal Reserve on the pace of future rate hikes.
Dallas Fed President Rob Kaplan said on Monday that it is too soon for an interest rate hike in the U.S., but that he is open to a rate hike in June.
Philadelphia Fed President Patrick Harker, San Francisco Fed President John Williams and Richmond Fed President Jeffrey Lacker were due to speak later Tuesday.
Industrial bellwether Alcoa (NYSE:AA) kicked off earnings season on Monday. The company reported first-quarter earnings of 7 cents per share on $4.95 billion in revenue.
Earnings declined from 28 cents per share in the prior-year period, while sales dropped from $5.82 billion, sending shares plummeting 4.11% in after-hour trade.
Alcoa also said it cut 600 jobs in its engineered products and solutions segment in the first quarter, with 400 more reductions planned this year in move to reduce costs.
Fastenal Company (NASDAQ:FAST), Perry Ellis International Inc. and CSX Corporation (NASDAQ:CSX) were among the companies set to report quarterly earnings on Tuesday.
The U.S. was scheduled to release a report on import prices later in the day.