Wall Street opens cautiously Tuesday as fresh Middle East hostilities keep investors on edge. The session features a packed earnings calendar with retailers including Costco and Best Buy reporting results that will shed light on consumer spending amid elevated inflation. Bank of Canada and Toronto-Dominion Bank also report earnings.

The Bureau of Economic Analysis releases its second GDP estimate at 8:30 a.m. ET, alongside the Federal Reserve's preferred inflation gauge: the personal-consumption expenditures index. April's durable goods orders and new home sales data follow, while weekly jobless claims offer insight into labor market conditions.

Energy markets watch closely as the Energy Information Administration publishes weekly petroleum and natural gas reports. New York Fed President John Williams speaks at an Icelandic conference, potentially offering clues on monetary policy direction amid geopolitical uncertainty.

Tomorrow brings the Chicago business barometer reading and international trade data, with Fed Vice Chair for Supervision Michelle Bowman scheduled to speak. These reports will help determine whether recent geopolitical tensions translate into sustained market volatility or prove temporary.