Investing.com – Wall Street futures pointed to a flat open on Tuesday as investors looked ahead to a string of earnings, appearances by members of the Federal Reserve (Fed) and some data on the labor market.
The blue-chip Dow futures advanced 27 points, or 0.13%, at 7:01AM ET (11:01GMT), the S&P 500 futures edged forward 2 points, or 0.07%, while the tech-heavy Nasdaq 100 futures inched up 3 points, or 0.05%.
The widely-watched CBOE Volatility Index, which measures implied volatility of U.S. stock options and is often seen as an investor fear gauge, closed down almost 8% at 9.77 on Monday, its lowest since December 1993.
The record low for the VIX is December 22, 1993, when it reached 9.31. By comparison, the VIX’s historical average is 20.
“Many investors are concerned about when low volatility or complacency will lead to a deeper market drawdown,” Bank of America Merrill Lynch analysts noted in a report that downplayed the story.
“(But) volatility can stay low and the secular bull market should continue,” they advised.
Little looked set to change on Tuesday with record to volatility in a session lacking in market moving references.
On the data front, the focus will be on the Job Openings Labor Turnover Survey (JOLTS) out at 10:00AM ET (14:00GMT). Though JOLTS is for the March period, the report has gained market notice as Fed chair Janet Yellen has referenced the data as a good indicator for the state of the labor market.
Outside of the data, market players will also keep an eye on a string of appearances from Fed officials as they seek further confirmation of a rate hike and hints towards the future path of monetary policy.
Minneapolish Fed president Neel Kashkari, who voted against the last rate hike due to his preference to hold policy steady, will be participating in the MN High Tech Spring Conference that will be followed by an audience Q&A.
Boston Fed chief Eric Rosengren will be speaking at a risk management for commercial real estate conference.
Dallas Fed president Robert Kaplan is scheduled to speak at the Dallas Regional Chamber Lower Middle Market Investment Summit which will be followed by an audience and media Q&A.
Fed fund futures currently price in the odds of a rate hike at the June meeting at around 81%, according to Investing.com's Fed Rate Monitor Tool.
On the business front as the first quarter reporting season moves into its final stretch, the spotlight will be on Dow component Walt Disney’s (NYSE:DIS) earnings after the market close.
Investors will also keep their eye on other reports throughout the day from the likes of Allergan (NYSE:AGN), Dean Foods (NYSE:DF), News Corp (NASDAQ:NWSA), Office Depot (NASDAQ:ODP), SeaWorld Entertainment (NYSE:SEAS) or Yelp (NYSE:YELP).
Meanwhile, oil prices were higher in early morning trading on Tuesday, extending a rebound off last week's four-month lows on the likelihood key producers could extend output cuts beyond an agreed-on June deadline.
U.S. crude futures gained 0.32% to $46.58 by 7:02AM ET (11:02GMT), while Brent oil rose 0.30% to $49.49.
In Europe, stocks across the continent edged higher in afternoon trade, with Germany's DAX and London's FTSE 100 both up 0.7%, while France's CAC 40 rose 0.3%.
Earlier, Asian equities closed mixed in subdued trade, with Japan's Nikkei ending down about 0.3%, while the Shanghai Composite in China ended little changed after five straight sessions of losses.