-- US equity futures were trending higher on Tuesday amid media reports that the US and Iran may revive their peace talks, while investors await the latest financial results of some of Wall Street's largest banks and data on wholesale prices.
The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.4% in premarket activity. The indexes finished the previous trading session higher, with the Nasdaq recording gains for the ninth consecutive day.
The US and Iran are considering holding another round of negotiations before their current two-week ceasefire expires next week, Bloomberg News reported Tuesday, citing people familiar with the matter.
President Donald Trump reportedly said Monday that "the right people" have reached out to Washington "and they want to work a deal." Delegations from the US and Iran were unable to reach a deal during negotiations in Pakistan over the weekend.
In an interview with Fox News, Vice President JD Vance said it was up to Iran to make the next move on peace talks with the US, according to CNBC. "Whether we have further conversations, whether we ultimately get to a deal, I really think the ball is in the Iranian court, because we put a lot on the table," Vance reportedly said.
The US navy on Monday started a blockade of Iranian ports in the crucial Strait of Hormuz.
West Texas Intermediate crude oil declined 2.6% to $96.53 a barrel before the opening bell, while Brent decreased 1.2% to $91.88.
The International Energy Agency said Tuesday it expects oil demand to fall by 80,000 barrels per day this year as the Middle East war "upends" its global outlook. "Demand destruction will spread as scarcity and higher prices persist," the IEA said.
On Monday, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.
JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) are some of the banking giants scheduled to report their latest quarterly earnings before the bell, along with Johnson & Johnson (JNJ), BlackRock (BLK) and Albertsons (ACI).
Goldman Sachs (GS) posted first-quarter results above market estimates on Monday, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. Bank of America (BAC) and Morgan Stanley (MS) post their results on Wednesday.
Last month's producer price index, a measure of wholesale prices, is slated to be released at 8:30 am ET. Last week, government data showed that consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.
Treasury yields were down in premarket action, with the two-year rate retreating 1.9 basis points to 3.76% and the 10-year rate off 1.6 basis points to 4.28%.
Federal Reserve Governor Michael Barr is set to speak at 12:45 pm, while Chicago Fed President Austan Goolsbee speaks earlier at 12:15 pm.
Shares of Oracle (ORCL) added 4.2% pre-bell after closing the previous trading session up 13% as the company said it introduced artificial intelligence-focused updates to its utilities software suite. Avanos Medical (AVNS) surged 68% after the firm agreed to be acquired by American Industrial Partners affiliates in a deal worth $1.27 billion.
Gold inclined 0.8% to $4,804 per troy ounce pre-bell, while bitcoin advanced 2% to $74,609.