Stock futures pointed to a lower open on Tuesday as traders returned to Wall Street after the long Memorial Day weekend.
S&P 500 futures were down 0.18%, Dow Jones Industrial Average futures fell 0.15%, and Nasdaq futures dropped 0.11%.
The Nasdaq and S&P 500 just barely clinched new records on Friday in a quiet end to the week. The two indexes had also closed out Thursday's session with records on strength in retail earnings. Costco (COST) , Best Buy (BBY) , Guess? (GES) and Abercrombie & Fitch (ANF) each posted positive quarters over the tail-end of last week.
Crude oil prices continued their decline on Tuesday as worries over global supply levels carried over into the new week. Crude had slumped on Thursday after an extension to a global output pact disappointed investors looking for more. The Organization of Petroleum Exporting Countries agreed in Vienna on a nine-month extension to a production-cut deal set to expire at the end of June. Goldman Sachs sees little growth in oil prices this year, projecting a level of $52.39 a barrel for 2017.
West Texas Intermediate crude fell 0.4% to $49.58 a barrel on Tuesday morning.
Consumer spending and personal incomes both rose in April, according to the Bureau of Economic Analysis. Spending grew 0.4%, its largest gain since December. Incomes increased 0.4%, double the rate seen in March. The U.S. savings rate held unchanged at 5.3%.
The Federal Reserve can continue to raise interest rates while also reducing its balance sheet this year, Dallas Fed President Robert Kaplan said on Tuesday. Kaplan, a voting member of the Federal Open Market Committee, anticipates two more interest rate hikes this year.