* June consumption up 0.4 pct vs est. 0.3 pct
* Core personal consumption expenditure up 1.6 pct
* P&G, CVS rise on profit beat
* Futures down: Dow 18 pts, S&P 3.5 pts, Nasdaq 6 pts (Adds details, comments, updates prices)
By Yashaswini Swamynathan
Aug 2 (Reuters) - U.S. stocks were set to open lower on Tuesday as investors assessed earnings reports and economic data.
U.S. consumer spending rose more than expected in June as households bought a range of goods and services.
However, core personal consumption expenditures (PCE), the Federal Reserve’s preferred inflation measure, increased 1.6 percent in the 12 months through June, falling below the central bank’s 2 percent target.
Oil prices edged higher on Tuesday after dropping by up to 10 percent in just one week, but investors remained concerned about oversupply weighing on prices.
“I think they (U.S. markets) are just following the rest of the global markets, like Japan and Europe,” said Peter Cardillo, chief market economist at First Standard Financial in New York.
“It’s the end of summer so it’s not going to be much of anything.”
European stocks fell to two-week lows, dragged down by banks, while the yen rose against the dollar and government bonds sold off after Japan’s cabinet approved a fiscal stimulus package to revive the flagging economy.
Dow e-minis were down 18 points, or 0.1 percent at 8”35 a.m. ET, with 26,325 contracts changing hands.
S&P 500 e-minis were down 3.5 points, or 0.16 percent, with 213,360 contracts traded.
Nasdaq 100 e-minis were down 6 points, or 0.13 percent, on volume of 24,421 contracts.
Wall Street closed lower on Monday as a drop in oil prices dragged down energy stocks.
Auto manufacturers are set to release sales numbers for July. Total vehicle sales had fallen to 16.66 million in June from 17 million a year earlier, according to Autodata Corp.
Dow component Pfizer reported quarterly revenue and profit above analysts’ estimates and reaffirmed its full-year forecast. The company’s stock was down 0.4 percent at $37.15 premarket.
P&G rose 0.8 percent to $87.10 after the household products maker reported better-than-expected quarterly revenue and profit.
CVS rose 1.3 percent after the drugstore chain operator’s profit beat estimates.
Integrated Device dropped nearly 18 percent to $18.30 after the chip component maker reported quarterly profit in line with estimates.
AIG and Electronic Arts are expected to report results after the bell. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)