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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.

White House economic adviser Larry Kudlow said on Tuesday that President Donald Trump wants to see a 7.6% cut in the U.S. payroll tax, hoping it will help staunch economic pain caused by the COVID-19 pandemic.

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.

British supermarket group Asda got a sales boost in the first quarter from consumers stocking up before the coronavirus lockdown but it also highlighted that 90% of its shoppers now fear an economic depression.

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.

U.S. President Donald Trump's administration has awarded a $354 million contract to U.S.-based Phlow Corp to manufacture drugs being tested or used to fight the new coronavirus as well as some medicines that are in shortage.

While overall bankruptcy filings dropped in April, the number of businesses that filed Chapter 11 bankruptcy — which involves reorganizing debt and remaining in operation — jumped 26% from a year earlier.

Nasdaq Inc has delivered a notice to China's Luckin Coffee Inc informing it that it has to delist from the U.S. stock exchange, people familiar with the matter said on Tuesday.

U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he is continuing to see large unemployment numbers and other negative economic indicators during the second quarter, but the situation is expected to improve as the U.S. economy starts to reopen.

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. 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.

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.