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Dow futures off nearly 300 points after data miss

U.S. stock index futures furthered already steep declines after data had orders for U.S. durable goods unexpectedly falling in December, adding to a bearish view as corporate earnings disappointed.

Orders for business equipment fell 3.4 percent last month, illustrating the slowing global economy is impacting U.S. multinationals.

Separately, home prices in 20 cities rose 4.3 percent in November, according to the S&P/Case-Shiller index of property values.

Earnings season is poised to gather steam this week, with some of Wall Street's biggest names lined up to report. Apple releases its earnings after the close on Tuesday, with analysts expecting the tech firm to beat consensus.

Read MoreElevated expectations for Apple ahead of earnings

Currency headwinds hit earnings

Yahoo, Electronic Arts, AT&T and Amgen are all also due after the close. Before market open, investors will be watching Pfizer, 3M, Caterpillar, Procter & Gamble, American Airlines Group, Coach, Lockheed Martin, Bristol-Myers Squibb.

Pfizer fell sharply in premarket trading, despite beating analyst expectations, after the group said 2015 earnings would come in below expectations.

P&G, the world's largest household products maker, said foreign exchange headwinds would hit fiscal sales in 2015 by 5 percent and net earnings by 12 percent, adding that the "outlook will remain challenging". Quarterly profits in the group fell around 31 percent as a result of a stronger dollar.

Chemical maker DuPont said it expects to buy back shares up to $4 billion, using the dividend from the spinoff of its performance chemicals unit. Net income rose $683 million or 74 cents per share in the fourth quarter of last year, but the group gave a disappointing outlook for 2015 due to dollar strength.

Caterpillar posted earnings of $1.35 a share on revenue of $14.24 billion

Snow storm sweeps through Northeast

A line of snow plows prepares to battle the blizzard on Lexington Ave in New York City on Jan. 26, 2015.
Adam Jeffery | CNBC
A line of snow plows prepares to battle the blizzard on Lexington Ave in New York City on Jan. 26, 2015.

Poor weather conditions have brought New York and other areas in the north-east to a standstill, however extreme forecasts have been downgraded, with some meteorologists predicting less snowfall than initially expected.

The travel ban on all non-emergency vehicles, enforced in New York City and surrounding counties on Monday night, was lifted early on Tuesday.

Live: NYC blizzard intensifies, travel bans in place

Also due for release will be the Conference Board's consumer confidence index for January at 10:00 am ET, which is expected to record its sixth consecutive monthly rise to a new post-crisis high.

New home sales data for December at 10:00 am ET and the Richmond Fed's manufacturing index for January is also scheduled for Tuesday.

In Europe, the new anti-austerity Greek prime minister Alexus Tsipras was sworn in Monday and is set to meet with finance ministers from his fellow euro zone countries to begin negotiations on financial support and debt repayments.

European markets were lower in morning trade on Tuesday, as investors focused on corporate earnings rather than the results of Greece's parliamentary election.