US equity futures dropped ahead of Tuesday's opening bell as traders looked ahead to key inflation reports due later in the week.

The Dow Jones Industrial Average futures slipped 0.3%, S&P 500 futures declined 0.4%, and Nasdaq futures were down 0.6%.

Investors are keeping an eye on the consumer price index report scheduled for release on Wednesday, which will be followed by the producer price index on Thursday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.7% at $77.18 per barrel and US West Texas Intermediate crude up 1.7% at $73.47 per barrel.

Federal Reserve Chair Jerome Powell is scheduled to speak before the US Senate Committee on Banking, Housing, and Urban Affairs for the first day of his semiannual monetary policy testimony at 10 am ET.

In other world markets, Hong Kong's Hang Seng ended 1.1% lower, China's Shanghai Composite finished 0.1% lower, while the Japanese market was closed for holiday. Meanwhile, UK's FTSE 100 slipped 0.02%, and Germany's DAX index gained 0.1% in Europe's early afternoon session.

In equities, shares of Humana (HUM) were 4% higher pre-bell after the company reported Q4 adjusted loss and revenue that topped analysts' estimates. SelectQuote (SLQT) shares were up 31%, a day after the company said it signed an agreement for $350 million in investment from funds managed by Bain Capital, Morgan Stanley (MS) Private Credit, and Newlight Partners.

On the losing side, Fluence Energy (FLNC) stock was 40% lower after the company posted a wider fiscal Q1 loss and cut its 2025 sales outlook. Harmonic (HLIT) shares were down 28% after the company issued late Monday 2025 financial outlook that trailed analysts' projections.