U.S. equities futures were pointing lower on Tuesday as investors were more cautious ahead of the quarterly earnings season kicking off later this week. In the last few days, stocks enjoyed a small rally amid hopes that a dismal monthly jobs report might force the Federal Reserve to delay raising interest rates.
In economic data, international trade data out at 8:30 a.m. E.T. is expected to show that the trade deficit widened to $48.6 billion in August from a deficit of $41.9 billion in July. The consensus range is for a deficit between $50.2 billion and $41.0 billion, according to data compiled by Econoday.
Monetary policy makers on tap to speak Tuesday were Federal Open Market Committee member and San Francisco Federal Reserve Bank president John Williams, providing an outlook speech at 3:30 p.m., and alternate FOMC member Ester George, Kansas City Fed President, set to speak about payments systems in Chicago at 9:15 a.m.
In equities, semiconductor and software solution provider PMC-Sierra ( PMCS ) surged over 33% in recent pre-market trade after agreeing to be acquired by rival Skyworks Solutions ( SWKS ) for $2 billion in cash. SWKS was up 2%. The most active loser was Exact Sciences ( EXAS ), down 36% after saying the U.S. Preventive Services Task Force revealed draft recommendations for screening colon cancer.
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