U.S. stock index futures headed for a lower open Tuesday, after ending sharply higher in the previous season, as European stocks led the declines and added to the negative sentiment.
Economic numbers and Federal Reserve speakers will dominate Wall Street's attention Tuesday, as the stock market looks to follow up on Monday's rally which pushed the major averages to their highest closes in more than a year.
The Labor Department's October Producer Price Index (PPI) showed a gain of 0.3 percent, with the core rate dropping 0.6 percent. Economists were looking for an increase of 0.5 percent and a drop of 0.1 percent, respectively.
At 9:15 am, the Federal Reserve issues October industrial production numbers, with economists looking for an increase of 0.3 percent, compared to September's rise of 0.7 percent. And at 1 pm, the National Association of Home Builders will be out with its monthly sentiment index, with consensus forecasts calling for a rise to +20 for November, up two points from the October reading.
As for Fed speakers, San Francisco Fed President Janet Yellen has already spoken during a visit to Hong Kong. She says setting interest rates can play a role in averting crises, but whether they should be set in response to asset prices is still an open question. Those remarks are similar to ones made yesterday by Fed Chairman Ben Bernanke during his lunchtime speech at the Economic Club of New York.
At 10:15 am, Richmond Fed President Jeffrey Lacker will speak on the economic outlook at a conference in Virginia, while Cleveland Fed President Sandra Pianalto has an appearance at the Ohio Housing Conference at 12:55 pm.
Retailers grab most of the attention in a limited earnings calendar.
Home Depot posted a higher-than-expected quarterly profit and raised its full-year outlook as the top home improvement chain cut costs to offset weak demand for big-ticket remodeling projects. Target also reported earnings that beat expectations.
After the bell, come earnings reports from Autodesk and Salesforce.com.