U.S. stock index futures struggled for direction Tuesday as investors digested a handful of mixed earnings reports.
Dow component Coca-Cola matched analyst expectations of 63 cents a share in profit, but missed on the revenue end with $12.75 billion against expectations of $12.95 billion.
Also, Goldman Sachs was the latest participant in the parade of big U.S. financial institutions to report blowout profits. The company reported earnings per share of $3.70, well ahead of the $2.82 estimates. Revenue also easily beat expectations, sending shares higher.
Johnson & Johnson edged higher after the drugmaker topped expectations, thanks to strong sales of prescription drugs and medical devices, and lifted its full-year earnings forecast.
On the economic front, consumer price index gained 0.5 percent in June thanks to a gain in gasoline prices. Economists polled by Reuters had expected consumer inflation to increase 0.3 percent last month.Excluding food and energy costs, the core reading edged up 0.2 percent.
Industrial production edged up 0.3 percent in June after an unchanged reading in May, according to the Federal Reserve. Economists polled by Reuters had expected a gain of 0.2 percent.
The National Association of Home Builders will release the housing market index for June at 10 am ET. Economists polled by Reuters forecast a reading of 52.
In addition, Kansas City Fed President Esther George, who is a voting member of the Fed's policy committee, is scheduled to speak on the economy later this afternoon.
Elsewhere, Japan's benchmark index hit a new seven-week high and as earnings season picked up.
The Nikkei 225 hit its highest levels since May 24, and the yen weakened to the 100 handle against the U.S. dollar, after Japan's economics minister, Akira Amari, said the government will go ahead with a planned sales tax hike.
Global investors remain largely focused on Fed Reserve Chairman Ben Bernanke's annual testimony on Wednesday, from which they hope to garner further clues on the direction of monetary stimulus.
"In recent weeks the message that he's given is that we have seen signs of improvements in the U.S. economy and we're going to move towards tapering. Then he gives us the message that we got last week, so I think markets will be cautious ahead of Bernanke's testimony," said Robert Rennie, global head of currency strategy at Westpac.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
On Tap This Week:
TUESDAY: NAHB housing market index, Fed's George speaks; Earnings from Yahoo, CSX
WEDNESDAY: MBA mortgage applications, housing starts, Ben Bernanke speaks, oil inventories, Beige book; Earnings from Bank of America, Novartis, Abbott Labs, Bank of NY Mellon, Mattel, American Express, Ebay, IBM, Intel, Sandisk
THURSDAY: Jobless claims, Ben Bernanke speaks, Philadelphia Fed survey, leading indicators, natural gas inventories, Fed balance sheet/money supply, Dell special shareholder mtg; Earnings from BlackRock, Morgan Stanley, United Health, Verizon, Nokia, Google, Microsoft, AMD, Capital One, Chipotle
FRIDAY: G20 in Russia; Earnings from GE, Schlumberger, Vodafond, Honeywell