U.S. stock futures edged lower on Tuesday morning as investors await the latest round of negotiations over the U.S. debt ceiling to get underway later in the day.
Futures listed on the S&P 500 declined by 0.12%, while those on the Dow Jones Industrial Average edged 0.33% lower. Contracts on the Nasdaq Composite remained flat.
A meeting between U.S. President Joe Biden and House Speaker Kevin McCarthy is scheduled to take place later in the day, with the pair expected to discuss the prospect of either raising or suspending the U.S. government’s debt limit.
Treasury Secretary Janet Yellen warned of the dangers of not reaching a consensus before the June 1 deadline, cautioning that a failure to do so “would cause severe hardship to American families”.
Investors have also kept a close eye on earnings data from the retail sector, set for release on Tuesday morning. Economists surveyed by Bloomberg are expecting retail sales to grow by 0.8% in April, thereby partially erasing a 1% drop last month.