NEW YORK (CNN/Money) - U.S. markets could feel the jitters early Tuesday after leading European chipmakers Infineon and ASM International logged disappointing quarterly results.

U.S. stock futures were lower in early trading.

"Euro semiconductors are the weakest sector today. So it's extremely likely that some of that negativity is pressuring U.S. futures this morning," said Ben Funnell, European strategist with Morgan Stanley in London.

At 10 a.m. ET, the Commerce Department will deliver a report on new home sales. They're expected to have fallen to a 1.19 million unit annual rate in March from a 1.23 million unit rate in the previous month, according to a consensus of economists surveyed by Briefing.com.

Also out Tuesday is the latest gauge on consumer confidence from the Conference Board. The sentiment index is forecast to fall to 98 in April, the lowest level since November.

Stocks rallied Monday, boosted by a multi-billion dollar merger in the energy sector and encouraging economic data. The Dow Jones industrial average added 0.8 percent while both the S&P 500 and the Nasdaq composite gained nearly 1 percent.

In earnings news Tuesday, online retailer Amazon.com (Research) is due after the market close. The company is expected to report a profit of 22 cents per share, according to earnings tracker First Call, down from 23 cents a year ago.

Oil prices eased early Tuesday after the world's largest oil producer, Saudi Arabia, said it could tap spare oil production capacity if necessary. The June light crude contract fell 43 cents to $54.14 a barrel in electronic trading, while the June contract for Brent crude fell 40 cents to $54.

Major markets in Asia were mixed Tuesday while European markets were lower in early trading on the back of weakness in technology stocks.

Treasury prices were higher with the yield on the 10-year note at 4.23 percent, down from 4.25 percent late Monday. The dollar gained ground on the euro and the yen.

In other news, Microsoft (Research) and German business software maker SAP said they are jointly developing a new product, code-named "Mendocino," that will link together their widely used business software programs.

Shares of Genentech (Research) could get a boost Tuesday a day after the biotech company reported that its breast cancer drug Herceptin improved survival in certain women with early-stage cancer who underwent surgery. Shares rose 10 percent in after-hours trading Monday.

Target (Research), the No. 2 discounter after Wal-Mart (Research), said in a weekly update late Monday that April sales at stores open at least a year were running near the low end of its earlier forecast of a 2 to 4 percent increase.

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