Wall Street was set for a lower open on Tuesday, with futures for the S&P 500, Dow Jones and Nasdaq 100 down 0.5 percent at 4:17 a.m. EDT.

The FTSEurofirst 300 index of top European shares was flat, following three sessions of decline.

Fuelling doubts over the prospect of a quick economic recovery, a member of the U.S. government's economic advisory panel said on Tuesday the United States should be planning for a possible second round of fiscal stimulus to prop up the economy.

We should be planning on a contingency basis for a second round of stimulus, said Laura D'Andrea Tyson, a member of the panel advising President Barack Obama on tackling the economic crisis.

Oil prices edged 0.6 percent lower to $63.68 a barrel, on course for a fifth consecutive fall and longest losing streak since February, on worries about the economy that have brought the stock market rally to a halt and pushed the dollar higher.

China's economy has been resilient in the face of the global downturn, a poll of economists ahead of next week's GDP numbers shows, but recent economic data has painted a grim picture for the world's developed economies.

U.S. auto parts maker Lear Corp filed for Chapter 11 bankruptcy protection a day after setting out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors.

Asian stocks edged up slightly after a slide the previous day. European stocks inched lower, with autos and telecoms such as Daimler and Vodafone among the biggest losers. <.EU>

The day's economic agenda includes Redbook's Retail Sales Index of department and chain store sales for June at 1255 GMT.

The Dow industrials rose and the S&P 500 rebounded in late trading on Monday as investor concerns about the strength of an economic recovery triggered a move into defensive stocks.

The Dow Jones industrial average <.DJI> and the Standard & Poor's 500 Index <.SPX> gained 0.5 and 0.3 percent respectively. The Nasdaq Composite <.IXIC> fell 0.5 percent.

The S&P 500 had rallied as much as 40 percent from a 12-year closing low reached on March 9. But the benchmark index is now up only 32.8 percent from early March as stocks have given up some of their gains on concerns about the economy.

(Reporting by Blaise Robinson; Editing by David Holmes)

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