Stock futures drifted sideways on Tuesday to hold near record levels, as traders prepared to return to a relatively sanguine session following a holiday weekend in the U.S. 

Contracts on the S&P 500, Dow and Nasdaq hugged the flat line. Each of the major indexes jumped to fresh record highs on Friday, propelled by a June jobs report that reflected a healthy pace of recovery in the labor market but that did not suggest an overheating economy. 

Oil prices climbed amid a breakdown in discussions between OPEC+ members earlier this week, with Saudi Arabia and the United Arab Emirates in a stalemate over production cuts. The meeting, which began with a tentative deal to increase output given elevated energy demand during the pandemic-era recovery, ultimately yielded no decision, sending prices of both U.S. and Brent crude higher. A Reuters report that major oil exporter Saudi Arabia raised its August official selling prices (OSPs) for Asia compounded the move higher in the commodities. 

"As negotiations continue, we estimate that most outcomes (1) still imply higher prices incoming months as the physical market tightens, (2) with higher OPEC+ production than the group discussed needed by the global oil market next year," Goldman Sachs analyst Damien Courvalin wrote in a note Tuesday. "Price volatility will likely rise."

U.S. West Texas intermediate crude oil futures (CL=F) rose as high as $76.98, or the highest level since mid-2014. Brent crude, the international benchmark (BZ=F) hovered at a two-year high of nearly $78 per barrel. 

Equity investors will be looking ahead to the release of the Federal Open Market Committee's June meeting minutes, which will help reveal central bankers' thoughts around adjusting monetary policy as the economic recovery matures. The June meeting had marked a notable shift in the Fed's outlook, with the central bank signaling as many as two rate hikes by 2023. Subsequent public remarks revealed a number of committee members were also warming to the idea of a sooner-rather-than-later move to taper the Fed's crisis-era asset purchase program.

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Next week, more catalysts will come as second-quarter earnings season kicks off. As has been the case over the past several quarters, Wall Street has struck an optimistic tone heading into earnings season, especially as vaccinations and business reopenings picked up over the past several months. Consensus on the Street is for second-quarter S&P 500 earnings to grow by an aggregate 63.6% year-on-year, according to FactSet. This would mark the highest earnings growth rate since the fourth quarter of 2009.

7:16 a.m. ET Tuesday: Stock futures gain as investors await jobs report 

Here's where markets were trading ahead of the opening bell Tuesday morning: 

  • S&P 500 futures (ES=F): 4,340.00, -2.75 points (-0.06%)

  • Dow futures (YM=F): 34,644.00, -33 points (-0.1%)

  • Nasdaq futures (NQ=F): 14,727.00, +13.25 points (+0.09%)

  • Crude (CL=F): +$1.08 (+1.44%) to $76.24 a barrel

  • Gold (GC=F): +$25.00 (+1.4%) to $1,808.30 per ounce

  • 10-year Treasury (^TNX): -0.8 bps to yield 1.427%

NEW YORK , NY – JUNE 02: Exterior view of the New York Stock Exchange and Wall St. as new company Organon start trading next thursday in New York on June 02 2021. Organon look to expand to provide treatments for other conditions unique to women, about 80% of the new company’s revenues will come from outside the U.S (Photo by Kena Betancur/VIEWpress)

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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