On Tuesday, Archer Daniels Midland reported a 27 percent decline in fourth-quarter earnings, largely from charges related to its failed purchase of Australia's GrainCorp. Shares of the agricultural processor fell in early New York trade. Michael Kors Holdings reported a 77 percent surge in fiscal third-quarter net income, with shares of the handbag, clothing and accessories company's performance easily topping estimates.
The Congressional Budget Office will release its annual budget and economic outlook, which will provide an official update of the projected budget deficit for fiscal year 2014.
In addition, the Fed's Jeffrey Lacker and Charles Evans will give speeches, which may be of interest given recent poor data and emerging market stress.
(Read more: US manufacturing slows sharply in January)
European and Asian shares traded lower early on Tuesday, following a selloff on Wall Street on Tuesday. Benchmark indexes fell through key support levels, after the ISM gauge of factory activity disappointed, heightening concern about the economy before Friday's monthly jobs report.