Equity Futures Hit Record Highs Amid Retail Earnings

U.S. stock index futures rose to record intraday highs on Tuesday as oil prices surged and investors assessed earnings from top U.S. retailers.

Wal-Mart's shares were up 1.5 percent at $70.42 in premarket trading after the world's largest brick-and-mortar retailer reported a higher-than-expected rise in comparable store sales.

Home Depot rose 1.63 percent to $145.33 after the home improvement store chain reported better-than-expected results and set a $15 billion buyback program.

Macy's is scheduled to report before the market opens.

Oil prices rose nearly 2 percent after OPEC said the group was hopeful of higher compliance with its deal to cut production.

Investors will keep an eye on comments from three Federal Reserve officials on Tuesday for more insight into the timing of the next rate hike.

The central bank will release the minutes of its latest policy meeting on Wednesday.

The dollar rose 0.5 percent after Cleveland Fed President Loretta Mester said on Sunday that she would be comfortable raising rates if the U.S. economy kept performing. Gold prices fell 0.6 percent.

The Dow Jones Industrial Average marked its seventh-straight record close on Friday. The S&P 500 and the Nasdaq Composite also closed at record levels.

Wall Street was closed on Monday for the Presidents Day holiday.

Kraft Heinz shares fell 4.3 percent on Tuesday after it walked away from its $143 billion offer to buy Unilever, a day after the Anglo-Dutch company rejected the proposal. Unilever's U.S.-listed shares were down 8.4 percent.

Freeport was down 5 percent at $14.16 after the miner warned on Monday it could take the Indonesian government to arbitration and seek damages over a dispute that has halted operations at a copper mine.

Exact Sciences rose nearly 6 percent to $21.10 after the diagnostic test maker reported quarterly revenue that beat estimates.

Futures snapshot at 6:58 a.m. ET:

Dow e-minis were up 66 points, or 0.32 percent, with 46,657 contracts changing hands.

S&P 500 e-minis were up 5.5 points, or 0.23 percent, with 201,326 contracts traded.

Nasdaq 100 e-minis were up 13.75 points, or 0.26 percent, on volume of 44,756 contracts.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)