On the economic front, investors will be looking ahead to the Institute for Supply Management's January non-manufacturing index, which tracks monthly changes in the services sector, out at 10 a.m. New York time. Economists polled by Reuters expect a reading of 55.2 in January, down from 55.7 in December. A reading above 50 still indicates a sector expansion.
US Stocks Look 'Very Favorable': Goldman's O'Neill
Among earnings, Yum Brands beat earnings forecasts for the fourth quarter, but shares tumbled after the parent company of KFC and Pizza Hut said same-store sales in its China division fell 6 percent and it now expects to post a mid-single digit earnings decline for 2013 from the prior year.
Kellogg rose after the cereal maker reported a narrower-than-expected quarterly loss, thanks to improvements in Latin America and stood by its full-year forecast.
BP gained after the British oil company topped earnings expectations, thanks to a strong performance from its refining division. The company also expects four new major upstream projects to begin production by the end of 2013.
And Archer Daniels Midland edged higher after the agribusiness giant posted higher earnings, helped by strong global demand for oilseeds.
Disney, Chipotle Mexican Grill, Panera Bread and Zynga are among notable companies scheduled to post earnings after the closing bell. (Read More: Disney Earnings Preview: All Eyes on ESPN and Theme Parks)
Boeing edged higher after the Dow component formally filed a request with the FAA to allow test flights of 787 Dreamliners to resume.
European shares were higher as investor confidence was boosted by a series of earnings releases and positive business activity data released in the euro zone.
President Barack Obama will meet with chief executives from 12 companies including Goldman Sachs's Lloyd Blankfein and Yahoo's Marissa Mayer on Tuesday to discuss deficit reduction and immigration, according to an unnamed White House official.
In addition, the Securities and Exchange Commission (SEC) will meet on Tuesday to review the
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