Wall Street shrugs off choppy oil price, dollar, eyes data
U.S. stock index futures indicated a flat open on Tuesday ahead of a number of key data releases, amid choppy trade in currencies and oil.
U.S. Consumer Price Index rose 0.2 percent in February, in line with analysts' expectations, the Labor Department said Tuesday morning. This after dropping 0.7 percent the previous month.
The so-called core CPI, which strips out food and energy costs, increased 0.2 percent in February after a similar gain in January. In the 12 months through February, the core CPI rose 1.7 percent, the largest increase since November.
A recovery in energy prices during the month is likely to account for part of the rise—core inflation is expected to have increased only marginally.
Other releases include new home sales for February at 10 a.m., which are likely to be somewhat weaker than in January.
Plus, the FHFA's house price index for January is out at 9.00 a.m., as well as two U.S. manufacturing surveys for March.
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The U.S. dollar slipped against the euro on Tuesday, extending losses from the previous session when it fell about 1.5 percent against major world currencies, as the euro edged higher to trade near $1.10.
The move provided a lift for dollar-priced commodities, which tend to move in the opposite direction of the U.S. currency.
On Tuesday, oil prices bounced back, despite activity in China's factory sector falling to an 11-month low, while Saudi Arabia said its production was close to an all-time high.
Brent crude oil futures were trading higher, up 9 cents at $56.01 a barrel, while WTI crude rose to $47.96 a barrel.
European equities rose from session lows on Tuesday, as investors reacted to fresh economic data from the euro zone.
Shares of Airbus fell up to 2 percent on Tuesday after reports that an A320 passenger plane had crashed in the south of France.
Reports said that the plane was operated by Germanwings, a budget airline owned by Lufthansa, but the German company was unable to confirm. Shares of Lufthansa sank up to 4.6 percent.
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On Tuesday morning, a Greek government official said that the country was going to present a reform package to the Eurogroup of finance ministers by next Monday at the latest, Reuters reported. Greek Prime Minister Alexis Tsipras met German Chancellor Angela Merkel in Berlin on Monday, amid rising tensions and heated exchanges between Greece and its euro zone neighbors and creditors, particularly Germany.
—Reuters contributed reporting.