09:01 AM EDT, 05/21/2024 (MT Newswires) -- US equity futures were mostly flat premarket Tuesday as traders turned cautious ahead of quarterly earnings from chipmaker Nvidia (NVDA) due for release later in the week.

Dow Jones Industrial Average futures and S&P 500 futures were both flat, while Nasdaq futures slipped 0.2%.

Nvidia is set to report its financial results after the closing bell on Wednesday.

Oil prices were lower, with front-month global benchmark North Sea Brent crude and US West Texas Intermediate crude both down more than 1%, as expectations of lingering US inflation dented demand prospects for crude.

There are no major economic data due for release.

In other world markets, Japan's Nikkei closed 0.3% lower, Hong Kong's Hang Seng ended down 2.1%, and China's Shanghai Composite finished 0.4% lower. Meanwhile, the UK's FTSE 100 was down 0.4% and Germany's DAX index was 0.5% lower in Europe's early afternoon session.

In equities, Lowe's (LOW) shares were 3% higher pre-bell after the company posted fiscal Q1 earnings and revenue that topped analysts' estimates. Meta Materials ( MMAT ) stock was over 24% higher after the company said a naked short-selling investigation revealed Meta Materials ( MMAT ) has "meritorious claims" for market manipulation against several parties. Larimar Therapeutics ( LRMR ) shares were up nearly 15% after the company said late Monday that the US Food and Drug Administration lifted a partial clinical hold previously imposed on the clinical program to study nomlabofusp for treating Friedreich's Ataxia, an inherited nervous system disorder.

On the losing side, Palo Alto Networks ( PANW ) shares were down 6% after the company narrowed its fiscal 2024 billings outlook. Gaotu Techedu ( GOTU ) shares were down nearly 10% after the company reported it swung to a Q1 loss.