U.S. stock futures pointed to a higher open Tuesday morning amid earnings from two Dow components and a pair of disappointing economic reports.
On Monday, the major averages repelled last week's selloff to finish in the green, though trading turned a bit choppy in the final hour. But European markets ran into turbulence and continued their recent slide. Asian markets finished mixed overnight as Chinese indices were weighed down by concerns over consumer credit.
Stateside, price inflation rose more than expected in March, coming in at 0.2% for both the headline and core indicators. Economists forecast the consumer price index to remain unchanged at 0.1% for both measures, the latter of which strips out food and energy. Meanwhile, the Empire State manufacturing index, which measures business activity in New York, grew at a slower pace in April than had been expected. The index pulled back to 1.29, down from 5.62 the previous month -- far below estimates of an expansion to 7.50.
Later, at 10 a.m. ET, the National Association of Home Builders will release its housing market index. Analysts expect the index to rise to 49 in April from 47 in the previous month.
Turning to earnings, Action Alerts PLUS holding Johnson & Johnson (JNJ) leads this morning's calendar. The maker of Band-Aids posted top- and bottom-line wins in the first quarter, helping the Dow component's shares higher in premarket trading. And blue-chip Coca-Cola (KO) said profit fell 8% in the first quarter, compared with a year earlier, while matching Wall Street earnings-per-share and sales estimates. Comerica (CMA) bested net-income estimates by a penny per share.
Late Monday, auto-parts supplier Pep Boys (PBY) issued a narrower quarterly loss than expected, but warned that weak tire sales could weigh on current-quarter results.
Elsewhere, Google (GOOG, GOOGL), a charitable trust holding, made a limited number of its Google Glass devices available to a wider audience in the U.S. today, offering the wearable device online for $1,500. Motorola Solutions (MSI) said it is selling its enterprise business to bar-code printer Zebra Technologies (ZBRA) for $3.45 billion.
Finally, Federal Reserve Chair Janet Yellen will deliver the opening remarks at the central bank's Financial Markets Conference today in Atlanta.