Investing.com – Wall Street futures were trading flat with mixed signs on Tuesday as investors looked ahead to key economic data and the first Federal Reserve (Fed) officials to speak after the release of inflation figures later in the day, while oil appeared unable to reach $50.
The blue-chip Dow futures inched up one point, or 0.01%, by 10:51AM GMT, or 6:51AM ET, the S&P 500 futures edged down one point, or 0.04%, while the tech-heavy Nasdaq 100 futures advanced 3 points, or 0.07%.
The Commerce Department will publish April inflation figures at 12:30GMT, or 8:30AM ET, Tuesday. Market analysts expect consumer prices to inch up 0.3%, while core inflation is forecast to increase 0.2%.
On a yearly base, core CPI is projected to climb 2.1%. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less.
Rising inflation would be a catalyst to push the Federal Reserve toward raising interest rates.
In that light, market participants will focus on the first Fed officials to speak after the data is released.
San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart will discuss the economy at a Politico event in Washington, D.C. at 16:00GMT, or 12:00PM ET.
Later, Dallas Fed President Rob Kaplan will moderate a Q&A at a Fed community forum in Midland, Texas at 17:15GMT, or 1:15PM ET.
Looking ahead, Fed chair Janet Yellen will give a speech to the World Affairs Council in Philadelphia on June 6, just before the blackout period for the June 15 FOMC meeting. The announcement fueled speculation the Fed chief may try to firm up a message for markets ahead of the June policy meeting.
Also on Tuesday’s economic docket, housing starts and building permits will be released at 12:30GMT, or 8:30AM ET, while industrial production and capacity utilization are due at 13:15GMT, or 9:15AM ET.
In company news, Home Depot Inc (NYSE:HD) traded up more than 1% in the pre-market after the home improvement retailer reported better than expected earnings and raised its annual guidance.
TJX Companies Inc (NYSE:TJX) was also slated to report earnings before the opening bell.
Meanwhile, oil prices hit fresh seven-month highs on Tuesday in early European trade, amid mounting concerns over global supply disruptions.
Black gold has been well-supported in recent sessions due to a combination of Nigerian, Libyan and Venezuelan supply outages, declining U.S. shale output and reduced production of Canadian crude as a result of fires in Alberta's oil sands region.
However, gains were pared as the U.S. session prepared to get underway with Brent moving into the red after having traded as high as 49.47 on Tuesday.
U.S. crude futures inched up 0.04% to $47.74 by 10:52AM GMT, or 6:52AM ET, while Brent oil traded down 0.31% to $48.82.