U.S. stock index futures indicated a lower open on Tuesday as a decline in oil prices weighed. Investors awaited a speech by Federal Reserve Chair Janet Yellen that could give further indications as to the timing of the next interest rate hike.
U.S. crude oil futures traded more than 2.5 percent lower near $38.30 a barrel as of 9:01 a.m. ET. The U.S. dollar index traded lower and Treasury yields edged lower, with the 2-year yield near 0.85 percent.
Yellen is set to deliver a speech on the "Economic Outlook and Monetary Policy" at the Economic Club of New York starting at 12:20 p.m. ET, which will be followed by a question-and-answer session. Investors will be combing through the Fed chair's comments for any details that could shed light on the timing of the Fed's next interest rate hike.
Central bank-watchers will also keep an eye on Dallas Fed President Rob Kaplan who is set to deliver speeches in Austin, Texas at both the Austin Chamber of Commerce and the McCombs School of Business at 1 p.m. ET and 4 p.m. ET, respectively.
John Williams, President & CEO of the Federal Reserve Bank of San Francisco, told CNBC on Monday that the U.S. economy was doing "quite well," pointing to stable inflation and strong employment growth.