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The S&P 500 and Dow Jones indexes eased on Tuesday, handing back some gains from a strong rally in the previous session, as investors digested a mixed set of quarterly results from retailers including Home Depot and Walmart.

U.S. President Donald Trump's administration awarded a contract worth up to $812 million for a new U.S. company to manufacture drugs and drug ingredients to fight COVID-19 on American soil, aiming to end dependence on other countries.

Home Depot Inc missed estimates for quarterly profit on Tuesday, as the home improvement chain spent about $850 million on benefits for employees keeping its stores and warehouses running through the COVID-19 pandemic.

Exxon Mobil has relaunched the sale of its stake in Azerbaijan's largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices.

U.S. securities filings show that only four of 12 listed oil and gas companies that received emergency government aid made available for small businesses said they would return it ahead of a deadline for firms that do not need the funds to do so.

U.S. stock markets will deliver among the steepest recoveries in their history over the next year, returning to levels from before March's coronavirus lockdowns more than twice as fast as after the 2008 financial crisis, according to analysts from U.S. bank Citigroup.

Citigroup Inc said on Tuesday that is launching a new business unit within its corporate and investment bank dedicated to environmental sustainability to strengthen its commitment to an area that has grown increasingly important to corporate clients and investors.

Two top U.S. airlines and Air Canada said on Tuesday ticket cancellations were slowing and demand was showing signs of improvement since the coronavirus pandemic brought global travel to a virtual standstill last month.

Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.

Thyssenkrupp could sell most of its steelmaking division, its CEO said on Tuesday, marking a historic reversal in strategy for the German conglomerate which has built its 200-year-old legacy as an industrial champion on the business.

AT&T Inc said on Tuesday it has closed its DirecTV Latin America operations in Venezuela amid sanctions by the United States on the country.

U.S. homebuilding dropped by the most on record in April and permits for future construction tumbled, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.

Thyssenkrupp's CEO on Tuesday said that she could not put a timeline on the group's fresh turnaround plans, saying that selling assets - a key part of its strategy - was difficult in the current environment.

French carmaker Renault plans to cut about 400 out of some 3,200 jobs at its Slovenian unit Revoz after the coronavirus epidemic hit demand for its products, Revoz said on Tuesday.

U.S. stocks opened slightly lower on Tuesday, as investors booked profits following the S&P 500's best day in six weeks in the previous session.

The U.S. government's handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Banking Committee.

U.S. homebuilding dropped to a five-year low in April, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.

U.S. stock index futures were trading flat on Tuesday, handing back some gains from the S&P 500's best day in six weeks in the previous session, as investors digested a mixed set of quarterly results from retailers including Home Depot and Walmart.

Two top U.S. airlines said on Tuesday ticket cancellations were slowing and demand was showing some signs of improvement, with Southwest Airlines Co recording more trip reservations than cancellations so far this month.

White House economic adviser Larry Kudlow said on Tuesday that President Donald Trump wants to see a 7.6% cut in the payroll tax, hoping it will help staunch economic pain caused by the coronavirus pandemic.