Macy's and Wendy's posted quarterly results Wednesday morning.
Macy's lowered its full-year forecast, with CEO Terry J. Lundgren noting "continued weakness" in consumer spending in the press release. Quarterly earnings topped expectations, while revenue came in below estimates.
Economic data to watch for include April's Treasury budget and the weekly MBA Mortgage Index and crude inventories.
The U.S. dollar index against a basket of currencies traded above 94, up from the low of 92 touched last week. Goldman Sachs said on Wednesday that it expected the dollar to rise 15 percent over the next two years as U.S. monetary policy normalizes.
The U.S. Treasury will auction $23 billion in 10-year notes on Wednesday.