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U.S. stock index futures fell ahead of Tuesday's open, pulling back from the sharp gains posted in the previous trading session.
Around 8 a.m. ET, Dow futures were down 93 points, indicating a drop of around 79 points at the open. The Nasdaq and S&P 500 futures also indicated a negative start to Tuesday's trade.
The movements seen in U.S. futures come on the back of a strong finish Monday, when the Dow Jones industrial average closing up more than 400 points. The Nasdaq composite and S&P 500 also surged.
Markets have been on edge over the past week due to the likelihood of higher interest rates. While last Friday saw trade close higher, all three major indexes ended the week more than 5 percent down, with the Dow delivering its worst performance since January 2016.
Consequently, investors are paying close attention to the bond market, in relation to interest rates, with yields dropping during Tuesday's morning trade.
In central banking news, Cleveland Federal Reserve President Loretta Mester is expected to comment on monetary policy and its outlook at the Dayton Area Chamber of Commerce's government affairs breakfast in Dayton, Ohio.
President Donald Trump unveiled the country's latest budget Monday, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019.
The program also calls for cuts to programs like Medicare, in addition to an increase in military spending and funding for Trump's proposed wall along the Mexican border. Congress, however, will ultimately decide when it comes to setting spending levels.
On the data front, the National Federation of Independent Business' small business optimism index rose to near record levels in January, with business owners showing concerns about the inability to find qualified workers.
—CNBC's Ylan Mui and Reuters contributed to this report