U.S. stock index futures pointed to a lower open Tuesday, as oil prices gave back much of their initial gains and after inflation data.
European stocks came off highs to hold mixed in early morning trade ET, after initially following most Asian stocks higher overnight as oil prices recovered.
Early on Tuesday, WTI crude futures neared $48 per barrel — the highest price in six months — due to supply outages in Nigeria and Canada, where a wildfire is roaring outside the oil hub of Fort McMurray. As of 9:01 a.m. ET, however, Brent was a touch lower while WTI was slightly higher around $48 a barrel.
In U.S. economic news, the Consumer Price Index rose 0.4 percent in April, the Labor Department said. Ex-food and energy, the index rose 0.2 percent last month, or 2.1 percent over the last 12 months. That compares with a 2.2 percent rise for the 12 months ending March.
Housing starts rose 6.6 percent in April to a seasonally adjusted annual pace of 1.17 million units.
Industrial production rose 0.7 percent in April. Capacity utilization was 75.4 percent.
Treasury yields held higher, with the topping 0.8 percent and the 10-year yield around 1.76 percent, according to FactSet.
The U.S. dollar index gave up slight gains, with the euro near $1.132 and the yen around 109.2 yen against the greenback as of 9:18 a.m. ET.
Read More Early movers: HD, LC, INTC, HTZ, VIAB, SYT, P, ODP & more
Home Depot posted quarterly earnings and revenue that topped expectations and also raised its full-year guidance. The stock was more than 1 percent lower in pre-market trade ET.
TJX Cos, the owner of T.J. Maxx and Marshalls, reported a 9.9 percent rise in quarterly sales, while comparable sales rose 7 percent. Net income rose to $508.3 million, or 76 cents per share, in the first quarter ended April 30 from $474.6 million, or 69 cents per share, a year earlier. Shares were up more than 4 percent in pre-market trade.
Energy Futures
U.S. stocks rallied on Monday, helped by gains in energy stocks as oil rose and a 3.7 percent rise in shares of Apple . Warren Buffett's Berkshire Hathaway reported taking a stake of around $1 billion in the stock in the first quarter of 2016.
Apple suppliers such as Samsung Electronics (which is also a competitor to the tech giant) rose in Asian trade overnight.
