Futures point to higher open on Wall Street; earnings, data in focus

U.S. stock index futures pointed to a higher open on Tuesday as traders eyed a big day of earnings and economic data.

On the data front, the U.S. trade deficit hit its highest level since 2012. Labor turnover survey data is scheduled to be released at 10 a.m ET, while consumer credit data for December is scheduled for 3 p.m ET.

On the earnings front, General Motors, Archer Daniels Midland and Michael Kors were among the companies that reported before the bell.

Spencer Platt | Getty Images

Disney, Gilead Sciences, Mondelez, Pioneer Natural Resources and Zillow are among many other companies due to report after the market close.

In Europe, the pan-European Stoxx-600 index was around 0.44 percent higher on Tuesday morning. In Asia, the Shanghai Composite in China closed 0.11 percent lower, while the Nikkei in Japan closed 0.35 percent lower.

In oil markets, prices steadied as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand.

Brent crude traded at around $55.35 a barrel on Tuesday, down 0.66 percent, while U.S. crude was around $52.66 a barrel, down 0.66 percent.

— Reuters contributed to this report.