Dow futures jumped on Tuesday, boosted by earnings reports that largely beat Wall Street expectations.
Caterpillar and United Technologies both posted bottom line results that topped estimates, sending futures for the 30-stock index higher by 100 points. The implied open on the Dow was also more than 130 points higher.
Caterpillar shares jumped more than 4 percent after the company's report was released. General Motors, McDonald's and Biogen also saw their shares climb after reporting quarterly results.
S&P 500 futures also rose, trading 6.25 points higher. Nasdaq futures traded 2.5 points higher, but pointed to a flat open.
Wall Street also turned its eyes towards the Federal Reserve. The Federal Open Market Committee (FOMC) is set to begin the first day of its two-day meeting on Tuesday, where the U.S. central bank is expected to look at the current health of the U.S. economy, and contemplate on what they should do next in terms of strategy, interest rates and their balance sheet.
Key economic data expected to come out on Tuesday include the Philadelphia Fed's non-manufacturing business outlook survey is due out at 8:30 a.m. ET.
This will then be followed by the FHFA Home Price Index and S&P CoreLogic Case-Shiller Home Price Index, both due out around 9 a.m. ET. Meanwhile, at 10 a.m. ET, consumer confidence data and the Richmond Fed's Survey of Manufacturing Activity are due.
In the political sphere, investors will be looking for any news out of the White House, in relation to noise surrounding the Russia-linked scandal and the president's policies.
Meanwhile, President Donald Trump will be meeting with the Prime Minister of Lebanon Saad Hariri at the White House on Tuesday, where they are expected to discuss the fight against terrorism, among other concerns the two leaders share.
Looking to oil, prices traded higher on Tuesday after major oil producer Saudi Arabia vowed to curb exports to rein in oversupply.
At 7:47 a.m. ET on Tuesday, oil prices posted solid gains with U.S. crude hovering around $47.13, while Brent stood around $49.43 per barrel.
In Europe, bourses were trading in the black in morning trade, while Asia-Pacific markets finished trade on a relatively mixed to lower note. In the previous session, U.S. stocks ended trade mostly lower.