US pre-open: Futures point to flat open as geopolitical tensions recede
US futures were pointing to a mostly flat open on Tuesday as fears surrounding all-out war in the Middle East somewhat receded.
As of 1210 GMT, Dow futures were up 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.05% and 0.26% firmer, respectively.
The Dow closed 68.50 points higher on Monday after US stocks staged a mid-session turnaround, with investors shrugging off geopolitical tensions in the Middle East. Solid gains in the tech sector helped markets overcome the initial concerns.
Oil prices dropped slightly on Tuesday morning following recent gains as Brent crude traded at $68.40 a barrel and West Texas Intermediate exchanged hands at $62.86.
CMC Markets analyst David Madden said: "Even though tensions between the US and Iran remain high, sentiment in equity markets has turned positive, as European indices are showing modest gains this morning.
"The fact US markets ended yesterday's session higher paved the way for buying in Asia overnight as well as in Europe this morning. The gains might be limited seeing as the political situation is far resolved but it would appear that some of the fear has evaporated for now."
In terms of data, US trade deficit figures will be published at 1330 GMT, while factory orders and non-manufacturing PMI figures will follow at 1500 GMT.
On the corporate front, no major earnings were scheduled for release on Tuesday.