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Wall Street is set to open modestly higher on Tuesday, with the tech-heavy Nasdaq Composite eyeing another all-time high after setting a new intraday record the previous session.
A rebound in oil prices helped underpin sentiment ahead of speeches by a number of Federal Reserve officials, whose comments will be closely parsed for clues on the pace of future interest rate hikes.
Kansas City Fed president Esther George is due to give a speech on the economy in Washington at noon EST, while Cleveland Fed’s Loretta Mester and Boston Fed’s Eric Rosengren will give speeches after the markets close in the US.
With about 90 minutes to go before the opening bell, stock futures are pointing to a 0.1 per cent gain for the Dow Jones Industrial Average and a 0.2 per cent rise for the S&P 500 and the Nasdaq.
Elsewhere, Treasuries sold off following a two day rally that saw the yield on the 10-year paper decisively back below 2.5 per cent. Yield on the note, which moves inversely to price, was 2.7 basis points higher at 2.48 per cent.
The dollar, which has been under pressure after the Fed confounded markets expectations and signalled last week that it was in no hurry to step up the pace of tightening, took another leg lower. The dollar index fell 0.6 per cent, with nearly all major developed and emerging currencies trading higher against the greenback.