Michael Kors posted better-than-expected earnings and revenue and a smaller-than-expected fall in same-store sales. The stock shot up more than 12 percent in the premarket.
CVS Health and Time Inc. posted results earlier on Tuesday. Ralph Lauren, Disney, TripAdvisor and Hertz Global will are also set to publish earnings Tuesday.
Data-wise, the Job Openings and Labor Turnover Survey (JOLTS) is set to come out at 10 a.m. ET on Tuesday. The National Federation of Independent Business' (NFIB) small business optimism index hit 105.2 for July, higher than the 103.6 level in June.
While no major speeches are expected from Federal Reserve members on Tuesday, investors are likely to be mulling over the comments recently made by a Fed president.
On Monday, St. Louis Fed President James Bullard said in Nashville that the U.S. central bank wouldn't need to raise interest rates in the near term as inflation isn't expected to rise very much even if the country's job market continues to advance, according to Reuters.
On the commodities front, oil prices traded flat as investors digested reports of lower crude supplies from Saudi Arabia, which helped offset concerns surrounding a supply glut in the market.
At 7:59 a.m. ET, U.S. crude hovered around $49.40 per barrel, while Brent stood around $52.27.