US equity futures were lower pre-bell Tuesday as the standoff continued in the Middle East, with the ceasefire between the US and Iran on shakier ground after President Donald Trump said it was "on life support."
Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.8% lower.
Trump told reporters in the White House that the month-old truce is "unbelievably weak." He had rejected Iran's response to the US peace proposal. Iran's most recent counteroffer had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets.
Traders monitored the latest round of earnings, with Sea (SE) and Venture Global (VG) posting higher Q1 earnings and revenue.
Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.2% at $107.57 per barrel and US West Texas Intermediate crude 3.1% higher at $101.08 per barrel.
The April consumer price index, released at 8:30 am ET, gained 0.6% as expected, compared with a 0.9% increase in the previous month, according to estimates compiled by Bloomberg.
Federal Reserve Chicago President Austan Goolsbee is slated to speak Tuesday.
In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 0.2% lower, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 1.1% lower in Europe's early afternoon session.
In equities, Novo Nordisk (NVO) stock was up 2.5% after the company said a higher dose of its Wegovy drug helped people with obesity lose "significant amounts" of weight irrespective of how quickly their body responds to the treatment, based on a new sub-analysis from a clinical trial. Sea and Venture Global shares were up 11% and 9.4%, respectively, after the companies reported their Q1 financial results.
On the losing side, Dell Technologies (DELL) shares were down 2.1% after UBS downgraded the stock to neutral from buy. Hims & Hers Health (HIMS) stock was down 15% after the company reported a swing to Q1 loss.