08:10 AM EST, 03/05/2024 (MT Newswires) -- US equity futures were lower Tuesday as traders anticipated key economic data and Federal Reserve Chair Jerome Powell's semi-annual monetary policy testimony before the US Congress.

Dow Jones Industrial Average futures slipped 0.2%, S&P 500 futures declined 0.3%, and Nasdaq futures were down 0.6%.

Powell is scheduled to appear before the House Financial Services Committee on Wednesday and before the Senate Banking Committee on Thursday.

Investors are also looking ahead to Friday's monthly employment report for a fresh look into the country's labor situation.

Oil prices fell, with front-month global benchmark North Sea Brent crude down 0.9% and US West Texas Intermediate crude down 1.1%, pressured by speculations over a potential ceasefire in Gaza

US factory orders, due for release at 10 am ET, are seen dropping 3.1% in January after December's 0.2% gain. The Institute for Supply Management's Services Index are expected to edge lower in February to 53.0 versus 53.4 in the prior month.