Source: Sharecast
As of 1250 BST, Dow Jones futures were down 0.07%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.97% softer, respectively.
The Dow closed 95.31 points higher on Monday, extending modest gains recorded in the previous session, despite Donald Trump's rejection of Iran's latest proposal to end their conflict.
Tuesday's primary focus will likely be April's consumer price index report at 1330 BST, with market participants expecting to see monthly headline inflation cool from 0.9% in March to 0.6% last month. Core CPI, on the other hand, was expected to tick up from 0.2% month-on-month in March to 0.3% in April.
Oil prices were also drawing an amount of investor attention prior to the open, with West Texas Intermediate jumping 3.25% early on Tuesday to $101.36 a barrel, while Brent crude rose 3.03% to $107.37, after Donald Trump criticised the month‑old ceasefire between the US and Iran as "unbelievably weak" and "on massive life support" following his rejection of what he called an unacceptable counterproposal from Tehran.
Iran's latest offer was said to include demands for war reparations, full sovereignty over the Strait of Hormuz, the release of frozen assets and the lifting of sanctions.
Elsewhere on the macro front, US small‑business sentiment was generaly flat in April, according to the National Federation of Independent Business' small business optimim index, which came in at 95.9, little changed from March's 11‑month low of 95.8 and just shy of consensus forecasts of 96.1. The index remained below its long‑term 52‑year average of 98 for a second straight month, reflecting continued caution among business owners. The NFIB's uncertainty index eased by four points to 88, though it stayed well above its historical average of 68, while the employment index declined for a second month. Firms also reported an uptick in both actual and planned price increases.
Still to come, April's monthly budget statement will be released at 1900 BST.
In the corporate space, e-commerce giant eBay rejected an audacious $55.5bn bid from video game retailer GameStop, calling the offer "neither credible nor attractive". GameStop made a surprise unsolicited cash and stock offer of $125 a share earlier this month, with chief executive Ryan Cohen stating that eBay - worth around four times more than GameStop - could "be a legit competitor to Amazon" under his leadership. However, in a letter to Cohen published on Tuesday, eBay chair Paul Pressler said that following a review by company advisors, the board had opted to reject the approach.
No major corporate earnings were slated for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com