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Oil
edged higher on Tuesday after falling by up to 10 percent in
just one week, but investors remained concerned about oversupply
weighing on prices. [O/R]
Robert Kaplan, president of the Dallas Federal Reserve, warned
that a raft of global risks such as the Brexit vote could affect
the United States and reiterated his stand for a gradual rise in
interest rates.
Wall Street closed lower on Monday as a drop in oil prices
dragged down energy stocks.
European stocks fell to two-week lows on Tuesday, while the yen
rose against the dollar and government bonds sold off after
Japan's cabinet approved a fiscal stimulus package to revive the
flagging economy.
A report on consumer spending is likely to show that consumption
rose 0.3 percent in June, compared with a 0.4 percent rise in
May. The data is due at 8:30 a.m. ET (1230 GMT).
Auto manufacturers are due to release sales numbers for July.
Total vehicle sales had fallen to 16.66 million in June from 17
million a year earlier, according to Autodata Corp.
Pfizer's shares rose 0.8 percent to $37.60 premarket after the
largest U.S. drugmaker reported better-than-expected quarterly
revenue and profit.
PG reported a nearly 3 percent decline in quarterly sales, hurt
by weak demand in its beauty business and a strong dollar. The
company's stock was down marginally at $86.30.
Texas Roadhouse fell nearly 10 percent after the casual dining
restaurant chain reported slowing comparable sales.
Integrated Device dropped 16.2 percent to $18.60 after the chip
component maker reported quarterly profit in line with
estimates.
AIG and Electronic Arts are expected to report results after the
bell.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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