Dow futures fall 15 pts; Lowe's cuts forecasts ahead of PMI data By

-- U.S. stocks are is atfx legal in Chinaseen opening with small losses Tuesday, as uncertainty over the ongoing debt ceiling negotiations weighed ahead of earnings from a number of major retailers.

At 06:45 ET (10:45 GMT), the contract was down 15 points, or 0.1%, traded largely flat, and dropped 5 points, or 0.1%.

Monday’s meeting between President Joe Biden and House Republican Speaker Kevin McCarthy ended without an agreement to raise the $31.4 trillion U.S. debt limit, even if both sides talked about progress being made.

“The president and I know the deadline, so I think we’re going to talk every day… until we get this done,” McCarthy said, adding both sides would “come back together and work through the night.”

Treasury Secretary Janet Yellen said on Monday it’s now “highly likely” that her department will run out of sufficient cash in early June.

That doesn’t leave much time for a bill to be written and voted on with just days left before both chambers of Congress break for the holiday weekend, with the consequences of the failure to do this–a U.S. default–likely to have severe global economic repercussions.

The release of the monthly U.S. purchasing managers' indices is also due Tuesday, and is expected to provide insight into how elevated interest rates are impacting the performance of the country's and sectors.

Later in the week sees the release of the April index reading, the Fed's preferred inflation gauge.

Several Fed officials have indicated a rate hike in June remains a live option if inflation continues to remain elevated.

Federal Reserve Bank of St. Louis President , a known hawk, on Monday, said two more interest-rate increases this year may still be needed, while his Minneapolis colleague Neel Kashkari said the central bank should signal next month that tightening is not over even if it pauses next month.

The retail sector is in focus Tuesday as far as earnings are concerned, with Lowe's (NYSE:) cutting its annual comparable sales and profit forecasts as high inflation hits demand for home improvement goods.

Other retailers reporting include sports equipment seller Dick’s Sporting Goods (NYSE:) and kitchenware business Williams-Sonoma (NYSE:), while financial software maker (NASDAQ:) and home builder (NYSE:) are also due.

Oil prices edged higher as the U.S. driving season draws nearer, although the debt ceiling uncertainty limits gains ahead of the release of the latest estimate of U.S. crude stocks from the .

U.S. fuel consumption is set to pick up with the start of the summer season, which is usually marked by the Memorial Day weekend. This, coupled with disruptions in Canadian supply due to wildfires in the oil-rich Alberta province, pointed to tighter oil markets in the coming months.

By 06:45 ET, futures were 0.9% higher at $72.69 a barrel, while the contract was up 0.8% at $76.56.

Additionally, fell 1% to $1,958.35/oz, while traded 0.3% lower at 1.0777.

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