Stock index futures pointed to a lower open Tuesday, but action will likely be volatile as more earnings roll in.

S&P futures (SPX) -0.2%, Nasdaq 100 futures (NDX:IND) -0.1% and Dow futures (INDU) -0.2% were lower.

3M (MMM), GE (GE) and J&J (JNJ) are among the companies reporting premarket, while Microsoft (MSFT) weighs in ahead of trading.

“It is too early in earnings season to draw conclusions about the state of the economy,” David Bahnsen, CIO at The Bahnsen Group, wrote. “Revenue guidance that companies issue for 2023 is a key indicator about the health of the economy, as it tells you exactly how well the business is doing, which is a more important metric than earnings guidance, which tells you about how well the company manages costs.”

“If the market bottomed on October 12, 2022, it will be one of the highest valuation troughs in history, as the S&P 500 was trading at about 17x earnings at that time, and bear market bottom multiples are historically much lower than that.”

The 10-year Treasury yield (US10Y) is down 3 basis points to 3.50% and the 2-year yield (US2Y) is down 2 basis points to 4.22%.

Just after the start of trading, the S&P Global Composite PMI for January arrives. Economists expect it to stay about steady at 46.