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ISM, luxury earnings in focus on Wall Street

U.S. stock-index futures declined on Tuesday, as investors looked to a gauge of service-sector activity while weighing corporate reports, which included Target cutting its profit outlook for the second quarter.

Read MoreTarget cuts profit outlook, cites data breach

July's ISM service sector report will be released at 10 a.m. ET. and is expected to show continued robust expansion.

The index was forecast to come in at 56.3, according to economists polled by Reuters.

"Our view is supported by the measures of business sentiment and the continued strength in service sector employment gains seen so far this year," Barclays analysts said in a research note on Tuesday morning.

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The markets also got a taste of luxury on Tuesday morning, with second-quarter results from Coach before Wall Street opens. Ralph Lauren will follow up on Wednesday. Coach posted earnings that topped Wall Street expectations.

Read MoreCoachquarterly earnings top expectations

Other companies reporting earnings early Tuesday include Time, CVS Caremark, Liberty Interactive, and Liberty Media.

Read MoreTime sales fall on weak subscriptions, newsstand sales

Insurance stocks will likely get a boost on Tuesday, after AIG posted better-than-expected earnings per share and sales late on Monday.

June factory orders are also out on Tuesday at 10 a.m., with a rise of 0.6 percent expected in the month, according to Reuters.

Data out of China disappointed early in the day. A report from HSBC/Markit showed the country's services sector grew at its slowest pace in nearly nine years in July.

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