Wall Street to eye more factory data on Tuesday
U.S. stock-index futures pointed to a higher open on Tuesday, with the focus on factory order data for December.
Factory orders will be published by the government at 10 a.m. ET. Analysts polled by Reuters forecast orders rose by 1.8 percent, after falling by 1.9 percent in November.
"The data will have vital importance today for many, especially if you want to scale the strength of U.S. economic recovery," said Naeem Aslam of Ava Trade in a morning research note.
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.
"You can once again point the finger towards the colder weather and use this as an excuse to justify the disappointing ISM data for the U.S., but what really concerns me is that 'what if' question," wrote Aslam.
"That is, what if the economy is actually catching the cold, what if the growth is slowing down, and investors are losing their confidence and do not want to buy risky assets?"
Oil giant BP reported weak quarterly profits earlier during the day, and said it would increase accounting provisions for the 2010 U.S. disaster by $200 million. The Gulf of Mexico oil spill killed 11 men and was the U.S.'s worst-ever offshore spill. Shares of the company were down by around 1 percent on the London stock exchange.
(Read more: BP profit hit by refining weakness, ups spill charge)
—By CNBC's Katy Barnato