Apple is scheduled to release its latest quarterly figures after the close. The company's results will be released after other major tech companies published mixed earnings reports. Last week, Facebook reported weaker-than-expected revenue and disappointing global daily active users, a key metric for the company. Netflix, meanwhile, posted weaker-than-forecast subscriber growth for the previous quarter. Alphabet and Amazon reported stronger-than-expected results, however.
The mixed numbers out of these companies has led to a steep sell-off in tech as investors lose faith in the so-called FANG trade. Over the past three sessions, the tech sector has lost 5.4 percent.
Dow-components Procter & Gamble and Pfizer both posted better-than-expected earnings before the bell Tuesday. Pfizer traded flat in the premarket, but Procter & Gamble lost more than 2 percent.
A slew of economic data is also due. Personal income, core PCE prices and the employment cost index are due out at 8.30 a.m. ET, followed by the S&P/Case-Shiller House Price Index at 9 a.m. ET, Chicago purchasing managers' index at 9:45 a.m. ET, consumer confidence at 10 a.m. ET and the Dallas Fed's Texas service sector outlook survey at 10:30 a.m. ET.
The Federal Open Market Committee (FOMC) will commence its two-day summer meeting Tuesday.
A policy decision is set to be announced Wednesday afternoon, which should reveal whether the Fed decides to change its stance in August. Investors are not expecting a rise in interest rates, however, but discussion on trade or where the Federal Reserve is thinking of heading could be talked about.
The meeting follows the publication of much economic data and the news that President Donald Trump was "not thrilled" about rising interest rates, expressing concern that the Fed could upset the economic recovery.
Oil prices fell into the red Tuesday, as concerns surrounding oversupply weighed on sentiment.