Investing.com – Wall Street futures traded flat to higher on Tuesday in a second day of muted trade with low volume and volatility as market participants kept their eyes on oil with U.S. equities near record highs
The blue-chip Dow futures gained 19 points, or 0.10%, by 10:53AM GMT, or 6:53AM ET, the S&P 500 futures edged forward 2 points, or 0.08%, while the tech-heavy Nasdaq 100 futures traded up 6 points, or 0.12%.
Despite some early losses in European trade, oil prices managed to continue the upward drive as North American traders hit their desks on Tuesday, after rising sharply in the prior session amid renewed hopes for an agreement among OPEC producers to freeze output.
U.S. crude futures advanced 0.51% to $43.24 by 10:55AM GMT, or 6:55AM ET, while Brent oil traded up 0.31% to $45.53.
Oil futures spiked 3% on Monday as fresh hopes for an agreement among exporters to freeze production underpinned the market.
On the data front, investors looked ahead to second quarter nonfarm productivity and unit labor costs to be released at 12:30GMT, or 8:30AM ET, to be followed by June wholesale inventories at 14:00GMT, or 10:00AM ET.
On the company front, second quarter earnings continued winding down this week.
In a notable pre-market move, Valeant Pharmaceuticals (NYSE:VRX) jumped almost 7% in pre-market trade despite worse-than-expected earnings as the Canadian drugmaker backed its full-year guidance.
Coach Inc (NYSE:COH), Whitewave Foods Company (NYSE:WWAV) or Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) were among other companies scheduled to report before the opening bell, while all eyes would be on Walt Disney’s numbers after the close.
Outside of earnings, Honeywell International (NYSE:HON) was reported to be in talks to acquire JDA Software in a deal that could be worth $3 billion, according to sources cited by Reuters.
In other M&A news, Randstad Holdings NV (OTC:RANJY) plans to buy U.S. rival Monster Worldwide Inc (NYSE:MWW) for approximately $429 million. The $3.40 per share offer represents a 23% premium to Monster's closing price on Monday.
Delta Air Lines (NYSE:DAL) was also under watch, cancelling 250 flights on Tuesday, after a power outage the prior day had forced the airline to cancel around 1,000 flights.
Elsewhere, European stocks were up in mid-morning trade Tuesday, with gains in telecommunication and oil shares helping keep the region’s benchmark hovering around a two-week high.
Particular attention was on the U.K. as sterling and 10-year government bonds slid on hints for more easing.
Writing in an opinion piece for the Times on Tuesday, Bank of England policymaker Ian McCafferty said more quantitative easing was likely to be required if the U.K.'s economic decline worsens.
The pound dropped to $1.2968, a level not seen since July 11 in wake of the dovish comments. GBP/USD was last at 1.2982, down 0.44% on the day.
Meanwhile, the yield on the U.K. 10-year Gilt hit a record low of 0.592% before pulling back to 0.610%.