Stock futures turned mixed on Tuesday morning, torn between an improving U.S. economy and a slump in crude oil prices.
S&P 500 futures were flat, Dow Jones Industrial Average futures climbed 0.04%, and Nasdaq futures fell 0.03%.
Stocks ended lower on Monday, snapping a recent run of records. The Dow and S&P 500 closed lower for the first time in five sessions as investors caught their breath after another record close on Friday.
The U.S. economy grew at an annual 3.2% pace in the third quarter, according to the second estimate of growth from the Bureau of Economic Analysis. The initial estimate showed an increase of 2.9%, the best quarterly gain in two years. Economists had anticipated the measure to increase 3%. Consumer spending rose 2.8% over the third quarter, while exports increased 10.1%.
Oil prices slumped on Tuesday as doubts rose on whether major oil producers can agree to a production cut. Russia's oil minister reportedly won't attend an Organization of Petroleum Exporting Countries meeting on Wednesday, a day after Saudi Arabia's oil minister, Khalid Al-Falih, expressed his own doubts over the outcome. Al-Falih suggested OPEC should let demand drive prices rather than a production cut.
OPEC aims to limit production to 32.5 million to 33 million barrels a day, though some members are reportedly hesitant to cede market share. The bloc pumped a record 33.83 million barrels a day of oil last month.
West Texas Intermediate crude oil was down 2.9% to $45.74 a barrel on Tuesday morning.
U.S. home prices reached all-time highs in September thanks to strong demand and constrained inventory. The S&P/Case-Shiller 20-City Index was 5.1% higher in September than a year earlier. Metropolitan areas in the West, including Seattle and Portland, drove prices higher.
Tiffany (TIF) - Get Report added more than 2% in premarket trading after posting an increase in third-quarter profit that came in above estimates. The jewelry retailer earned 76 cents a share, 6 cents higher than a year earlier and above consensus of 67 cents. Same-store sales fell 2%, better than an estimated decline of 4.1%, as sales in Japan skyrocketed. Same-store sales in Japan unexpectedly surged 20%, far better than an estimated 4.3% decline.
UnitedHealth (UNH) - Get Report increased 3% after guiding for an upbeat 2017. The health insurer said it anticipates adjusted earnings of $9.30 to $9.60 a share over fiscal 2017 on revenue of $197 billion to $199 billion. Analysts anticipated adjusted earnings of $7.51.
Pfizer (PFE) - Get Report was upgraded to overweight from equal-weight at Barclays. Analysts said the company should be able to use foreign cash to boost returns and that the oncology business will drive growth.