Stock futures were slightly lower on Tuesday as markets struggled for direction following the Dow Jones Industrial Average's longest losing streak since 2011.
S&P 500 futures were down 0.12%, Dow futures fell 0.1%, and Nasdaq futures slipped 0.05%.
The Dow ended Monday in the red, its eighth day of losses in a row and its longest losing streak since August 2011. Stocks were under pressure for much of the day as Wall Street contemplated the way forward for the Trump White House after its defeat on health care reform.
The GOP's failure to repeal and replace Obamacare, a major campaign commitment, was viewed as a litmus test for Donald Trump's ability to achieve major change in Washington. The Dow hasn't finished higher since March 15 when the sheen of the Trump presidency began to fade.
Trump had promised major tax reform and regulatory rollbacks, both which look like tougher sells after the clumsy handling of health care reform -- the bill appeared to be rushed through and was pushed toward a vote even without a healthy margin of support in Congress. The bill was pulled late Friday afternoon after two days of voting delays.
However, though financials were under pressure from Friday's news, the rest of the market quickly recovered from a selloff on Monday.
Crude oil prices moved higher on Tuesday ahead of weekly inventories data from the American Petroleum Institute in the afternoon and official data from the Energy Information Administration on Wednesday. Expanding stockpiles and increasing production in the U.S. have hit crude oil prices in recent weeks.
West Texas Intermediate crude was up 0.8% to $48.13 a barrel on Tuesday.
The advanced trade deficit in the U.S. declined by 5.9% in February to $64.8 billion. Wholesale inventories increased by 0.4%, while retail inventories rose 0.4%.
American Airlines (AAL) - Get Report moved 1% higher in premarket trading after taking a $200 million stake in China Southern Airlines (ZNH) - Get Report in the second move by a U.S. carrier into the world's fastest-growing commercial aviation market. American will own about 2.68% of China Southern's outstanding shares after paying $1.55 billion Hong Kong dollars ($200 million) for a special issue of 270.6 million shares sold Tuesday by China Southern, which is Asia's biggest commercial airline by traffic.
Amazon (AMZN) - Get Report purchased Souq.com for an undisclosed amount, making a significant step into the growing Middle Eastern e-commerce space. Souq.com had originally been offered $800 million from Dubai-based Emaar Malls, according to reports. The deal is expected to close this year.
Red Hat (RHT) - Get Report added 4.7% in premarket trading after exceeding quarterly estimates. The software developer earned an adjusted 61 cents a share, meeting consensus, while revenue of $629 million came in higher than $618.6 million. For the full year, Red Hat anticipates adjusted earnings of $2.60 to $2.64 a share, above consensus of $2.59.
Tesla (TSLA) - Get Report increased more than 2% in premarket trading after a disclosure showed Tencent acquired a 5% stake in March. Hong Kong-based Tencent purchased around 8.2 million shares this month for roughly $1.8 billion.
The economic calendar Tuesday also includes the S&P Corelogic Case-Shiller Home Price Index for January, and the consumer confidence index for March.