On Monday, Verizon said it will pay $130 billion to acquire Vodafone's 45-percent stake in their Verizon Wireless joint venture, marking the third-largest deal in corporate history.
Vodafone's CEO told CNBC that he will use the cash earned from the deal to accelerate investment in Vodafone's own wireless networks, and to return $84 billion in cash and shares to shareholders.
(Read more: Vodafone CEO: We will spend cash pile on our networks)
"We are fortunate enough that the size of the deal itself allows us to return a large percentage to shareholders. But even the remaining 21 percent is large enough to strengthen the company and to allow us to accelerate our strategy," CEO Vittorio Colao said.
And Microsoft said it will buy Nokia's handset business for $7.2 billion. Nokia CEO Stephen Elop, a former Microsoft executive, will rejoin the company and is now seen by some as a candidate to replace retiring CEO Steve Ballmer.
On the economic front, the Institute for Supply Management will release its manufacturing sector data for August at 10 am ET. Analysts polled by Reuters expect the main index to slip to 54 from 55.4 last month. July construction spending is also scheduled for release at 10 a.m., and is expected to gain 0.3 percent.
The Japanese Nikkei led Asian stocks higher on Tuesday, after better-than-expected manufacturing data from Europe and China lifted hopes that a global economic recovery was in progress.
Data out on Monday showed Chinese manufacturing hit a four-month high in August and euro zone factory activity rose at its fastest pace since May 2011. On Tuesday, data revealed that the U.K.'s construction sector expanded at its fastest pace in almost six years in August.