Wall Street set for lower open on commodity weakness

NEW YORK (Reuters) - U.S. stocks were poised for a lower open on Tuesday as a move higher in the dollar pressured commodity prices and investors weighed the potential for some consolidation in equities after a recent run-up.

The dollar edged off three-year lows as a buildup of bets to sell, based on loose U.S. monetary policy, ran out of steam. The dollar index , measured against a basket of major currencies, was last up 0.2 percent.

Brent crude fell 1 percent to $123.86 a barrel, and U.S. crude futures shed 1 percent to $112.45.

"Some of the markets were getting a little overdone," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.

"Markets gets overbought, dollar is oversold -- yes. You've got a corrective bounce of the dollar coming, it's not a change in trend by any means." A rise in the greenback makes commodities cheaper as they are priced in U.S. dollars.

S&P 500 futures fell 4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 27 points, and Nasdaq 100 futures lost 3.5 points.

The benchmark S&P 500 has risen 4.3 percent since April 18, when it hovered near the technical support level of 1,300.

Pfizer Inc fell about 2 percent to $20.63 premarket after the drugmaker reported lower-than-expected quarterly revenue on a decline in sales of its prescription drugs.

MasterCard Inc rose 2.4 percent to $282 after the world's second-largest credit card processing network posted a 24 percent jump in quarterly profit.

Comcast Corp and Cephalon Inc were also due to report results.

At 10 a.m. EST <1400 GMT>, the Commerce Department releases March factory orders. Economists forecast a 1.9 percent rise, compared with a 0.1 percent drop in February.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)