SMPL - S&P Set to Retreat from Record

S&P 500 futures slipped Tuesday morning after the U.S. threatened a new wave of tariffs on European goods, dampening recent optimism surrounding the Washington-Beijing trade truce.

Futures for the Dow Jones Industrials faded 26 points, or 0.1%, to 26,674.

Futures for the S&P 500 dropped two points, or 0.1%, at 2,965.75. The index closed at a record high on Monday at 2,964.33

NASDAQ futures fell 9.75 points, or 0.1%, to 7,780.25

In corporate news, Acuity Brands, Simply Good Foods, and Greenbrier Companies are expected to report their latest quarterly results before the opening bell.

The U.S. government on Monday threatened to impose tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies. The U.S. Trade Representative's office released a list of products — including olives, Italian cheese and Scotch whiskey — that could be hit with new levies in additional to those introduced in April.

Chipmakers and other tech companies helped buoy the S&P 500 to at all-time high on Monday on the heels of improved U.S.-China trade talks. President Donald Trump and Chinese President Xi Jinping agreed not to impose new levies on U.S. and Chinese goods after meeting on the sidelines of the G-20 summit in Japan on Saturday.

Though Trump said the meeting went as well as it could have, the U.S. president said Monday that any trade deal with Beijing would be "somewhat tilted" in favor of Washington.

On the data front, investors are likely to monitor the latest light vehicle sales figures for June on Tuesday.

Overseas, the Nikkei 225 squeezed up 0.1% Tuesday, while in Hong Kong, the Hang Seng index gained 1.2%

Oil prices sank 36 cents to $58.73 U.S. a barrel.

Gold prices gained $4.70 to $1,394.00 U.S. an ounce.