US stocks slipped into the red on Tuesday as investors weighed signs that the surprising resilience in the US economy may be starting to show cracks.
Futures on the S&P 500 and Nasdaq 100, which includes technology stocks, both fell about 0.5%, having closed higher after a choppy day for the three major measures. Dow Jones Industrial Average futures were also down 0.5%.
Stocks struggled to find footing as investors grappled with a dilemma over the direction of interest rates. The recent weak data has prompted Wall Street strategists to reduce their optimism about economic growth, which supports the driving factor for a rate cut. However, Federal Reserve policymakers have warned not to hope for immediate change as they wait for inflation to slow sufficiently and when that time will arrive is unclear.
Attention will be drawn to the April job openings figure due out at 10 a.m. for more clues on economic conditions, with factory orders and durable goods also on the agenda. This labor market update serves as a precursor to Friday's key May jobs report.
Meanwhile, shares of GameSpot (GME) started to lose momentum early Tuesday, after a 21% jump for this favorite meme stock. Shares in the video game retailer were last down around 1%.
Elsewhere, India's main stock index fell, wiping out nearly $35 billion in value, after hitting an all-time high on Monday. Vote counts in the country's election cast doubt on the majority held by Prime Minister Narendra Modi's ruling party, even as exit polls point to a likely landslide victory.
