Stock market today: Live updates

U.S. stock futures slipped on Tuesday, weighed down by higher oil prices, as traders looked ahead to the release of April’s consumer price index reading.

S&P 500 futures were 0.4% lower, and Nasdaq 100 futures dropped 0.8%. Futures tied to the Dow Jones Industrial Average were down 17 points, or 0.03%.

West Texas Intermediate futures jumped 3% on Tuesday to trade above $101 per barrel. Brent crude climbed 3% to above $107. Those gains built on Monday’s advance, after President Donald Trump called the month-old ceasefire between the U.S. and Iran “unbelievably weak” and said it was “on massive life support” after rejecting an “unacceptable” counterproposal from Tehran to end the war.

In its latest counteroffer, Iran has insisted on war reparations, full sovereignty over the Strait of Hormuz, the release of frozen Iranian assets and the need to lift sanctions.

Traders are also awaiting the April consumer price index reading is due at 8:30 a.m. ET. Economists polled by Dow Jones are calling for headline inflation to have gained 3.7% from a year earlier. They anticipate April’s CPI will have grown 0.6% from the prior month.

Wall Street is coming off a winning session, with the S&P 500 and Nasdaq Composite reaching fresh record highs.

A solid earnings season has continued to push stocks to new highs in recent sessions. Marci McGregor, head of portfolio strategy, chief investment office, at Merrill and Bank of America Private Bank, said on CNBC’s “Closing Bell” on Monday afternoon that she’s still feeling good about the markets overall.

“If we get weakness after this really strong recovery from the March lows, I would see it as a buying opportunity, because this is a market that is being fueled by corporate profits, by capex, and frankly by a strong labor market,” she said. “There’s a lot of reasons to be positive.”

— CNBC’s Anniek Bao and Jeff Cox contributed reporting.