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Wall Street set for pause; earnings, data set to take spotlight

Despite posting record highs on Monday, U.S. stock index futures pointed to a lower open on Wall Street Tuesday, following the weaker trade seen across its European and Asian counterparts.

A trader works on the floor of the New York Stock Exchange (NYSE).
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Earnings and economic data are set to take center stage on Tuesday, with Urban Outfitters and Popeyes Louisiana Kitchen expected to release their latest earnings reports. Home Depot posted earnings that matched estimates.

Meanwhile, Dick's Sporting Goods shares rose more than 5 percent in the premarket after reporting quarterly results.

Investors digested the July consumer price index (CPI) read, which came in unchanged, in line with expectations. Housing starts, on the other hand, came in higher than expected. Industrial production and capacity utilization are also expected, set to come out at 9.15 a.m. ET.

Weaker sentiment across the globe is expected to weigh on U.S. stocks, with European indexes posting solid losses during trade, while Asia-Pacific indexes traded mostly lower overnight, as the U.S.' impressive close on Monday failed to lift sentiment.

On Monday, all three of the U.S.' major indexes posted simultaneous record closes for the second time in less than a week.

In addition, investors are looking ahead to Wednesday, where the Federal Open Market Committee is set to release its minutes from its July meeting; with Atlanta Federal Reserve President, Dennis Lockhart, expected to speak on Tuesday, ahead of that announcement.

On the oil front, U.S. crude and Brent futures were trading higher, trading around $46 and $48.65 per barrel, respectively.

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