Later on in the day, investors will turn their attention to Dallas Fed President Robert Kaplan, who will be in California, where he is expected to participate in a Stanford Institute for Economic Policy Research associates meeting.
The Fed will also be of key importance when it comes to U.S. politics. In the final week of September, President Donald Trump stated that the person who would lead the U.S. central bank from 2018 would be announced in the coming weeks.
Elsewhere, EPA Administrator Scott Pruitt is expected to sign a proposed rule on Tuesday, in order to begin the rolling back of the Clean Power Plan.
In earnings news, Barracuda Networks is set to report its latest financial figures. Meanwhile, the U.S. Treasury is set to auction four separate bills on Tuesday.
In other company news, Nvidia unveiled a new computer system that will help cars become fully autonomous. The company is also allowing some to access a virtual reality design platform. Nvidia's stock rose 4.4 percent in the premarket, and was the biggest riser in the S&P 500.
Wal-Mart shares also rose before the bell, after the retail giant announced a $20 billion buyback program. The company also reiterated its fiscal 2018 earnings guidance.
Meanwhile, Honeywell unveiled a corporate makeover on Tuesday that ties its growth more strongly to aerospace technology — the opposite of what activist investor Third Point Capital has urged since April.
The results of the manufacturer's portfolio review announced before U.S. markets opened said it would spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018.
The company said the two businesses together generated annualized revenue of $7.5 billion.