U.S. stock futures moved into red territory on Tuesday as the European Commission slapped Alphabet's (GOOG, GOOGL) Google division with a hefty fine, pressuring the rest of the technology sector, and as traders awaited data on the economy and key speeches from the Federal Reserve.
Oil prices bounced higher with global benchmark Brent crude up 1.24% and U.S. benchmark West Texas Intermediate up 1.01% recently as the commodity looked to a fourth round of gains but stayed volatile amid indications that U.S. shale production will continue to rise.
At 9:00 a.m., data are expected to show the Case-Shiller's 20-city index posting a 0.6% gain for April vs prior gain of 0.9%, according to data compiled by Econoday.
At 10:00 a.m., forecasters see consumer confidence is expected to come in at 116.7 level in June. The Richmond Fed Manufacturing Index is expected to bounce higher to 8 in June.
Federal Reserve Presidents John C. Williams, Patrick Harker, and Neel Kashkari and Chair Janet Yellen are all scheduled to give speeches.
In equities, shares of Merck & Company ( MRK ) were 1.9% higher pre-bell after reporting that its Reveal outcomes study of Anacetrapib met its primary endpoint.
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