In data news today, all eyes are on the Federal Open Market Committee (FOMC) minutes. The document, due out at 2 p.m. ET, will contain the minutes of the U.S. central bank's most recent meeting.
In December, the institution raised interest rates by a quarter point and hiked its growth outlook for the U.S. economy. Investors are expected to pore over the minutes to see if the Fed provides any additional clues as to how the U.S. economy is currently performing.
On the data front, mortgage applications fell in the last week of 2017 as rates rose. The manufacturing ISM report on business and construction spending are both due out at 10 a.m. ET.
Geopolitics will also continue to put global markets on edge during today's session. On Tuesday, President Donald Trump tweeted that his "nuclear button" was "much bigger and more powerful" than the one controlled by North Korea's leader Kim Jong-un.
The U.S. incumbent's tweet comes after a New Year's Day address from Jong-un, who said the isolated state's nuclear weapons could reach anywhere in the U.S.