Stock Futures Waver Ahead of Manufacturing Data

It's expected to be a light trading session Tuesday overseas, with most of the main Asian and European markets closed for the May Day holiday. London's FTSE was up 0.4% and Japan's Nikkei Average finished down 1.8%.

In corporate news, oil giant BP(BP) said first-quarter net profit fell 18%, hurt by weakness in its downstream business. BP posted net profit of $5.9 billion, down from $7.3 billion a year earlier. Replacement cost profit declined 12% to $4.9 billion. Underlying replacement cost profit at BP's downstream business fell 58%. Shares were falling 2.3%.

Drug giant Pfizer( PFE) reported first-quarter adjusted earnings of 58 cents a share on revenue of $15.4 billion; analysts were expecting earnings of 56 cents a share on revenue of $15.47 billion. Pfizer's first-quarter earnings of $1.8 billion fell from year-earlier earnings of $2.2 billion. The drug maker is fresh off last week's agreement to sell its nutrition business to Nestlé for $11.85 billion. Shares were down 0.4%.

Satellite radio company Sirius XM( SIRI) beat Wall Street's revenue estimate in the first quarter, boosted by strong subscriber growth. The satellite radio giant brought in revenue of $805 million, up from $724 million in the prior year's quarter, and above analysts' estimates of $803.83. Shares were rising 2.4%.

In commodity markets, the June crude oil contract was down 31 cents to trade at $104.56 a barrel. June gold futures were off $1.40 to $1,662.80 an ounce.

The benchmark 10-year Treasury was rising 1/32, diluting the yield to 1.917%. The dollar was trading sideways, according to the dollar index.

-- Written by Andrea Tse in New York.