Futures Edge Higher After Trade Deficit Data

U.S. stock index futures ticked slightly higher Tuesday following the latest trade deficit report and ahead of some key Federal Reserve speakers.

On the economic front, the U.S. trade deficit widened less than expected in April to $40.3 billion, according to the Commerce Department. Economists polled by Reuters had expected the trade deficit to rise to $41.0 billion in April.

Stocks closed near session highs on Monday, with the Dow soaring nearly 1 percent. And if the Dow closes higher again, it will be the 21st-consecutive Tuesday in positive territory.

(Vote: Will This Tuesday Be Another Winner for the Dow?)

Stocks are likely to remain volatile ahead of several Fed speakers including Fed Governor Sarah Bloom Raskin, Kansas City Federal Reserve Bank President Esther George and Dallas Federal Reserve Bank President Richard Fisher. Intraday swings have increased in last few weeks as investors continue to question when the Fed may curtail its bond-buying program.

In addition, investors are likely to hold off big bets until the monthly government employment report on Friday, a key factor for the Fed's decision on monetary policy.

Stocks in Asia closed mixed, with Japanese equities still volatile after the dollar-yen fell below the key 100-mark on Monday. However, European markets were higher, boosted by data showing a decline in unemployment numbers in Spain.

(Read More: Traders Debate Fed Moves While Japan in Focus)

Apple traded higher on reports that the company was getting closer to unveiling its streaming radio service.

Zynga edged higher a day after the social videogame maker said it plans to cut 520 jobs, or approximately one-fifth of its workforce, in an effort to reduce costs and restructure its business. Shares initially fell as much as 14 percent following the announcement Monday afternoon.

General Motors also got a lift on news that the automaker will be rejoining the S&P 500 index, replacing HJ Heinz, which is being taken private.

Dollar General slumped after the discount chain slashed the top end of its full-year earnings outlook, due to moderating sales growth and a lower gross profit rate.

—By CNBC's JeeYeon Park. Follow JeeYeon on Twitter: @JeeYeonParkCNBC

What's Happening This Week:

TUESDAY: Fed's George speaks, Dallas Fed Pres Fisher speaks, Tesla shareholder mtg
WEDNESDAY: MBA mortgage applications, ADP employment report, productivity & costs, factory orders, ISM non-mfg index, oil inventories, Beige Book, Las Vegas Sands shareholder mtg, Under Armour investor day, Yelp shareholder mtg; Earnings from Hovnanian, VeriFone
THURSDAY: Bank of England announcement, Challenger job-cut report, ECB announcement, jobless claims, quarterly services survey, natural gas inventories, Fed balance sheet/money supply, chain store sales, Wal-Mart shareholder mtg, Google shareholder mtg, GM annual mtg; Earnings from Ann, JM Smucker, Cooper Cos., Vail Resorts
FRIDAY: Employment situation, consumer credit

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