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Futures Hold Gains After Case-Shiller Report

Futures maintained their strong gains Tuesday following a report that home prices in major U.S. cities continued to show seasonal strength and on mounting expectations that EU policy makers have come up with a strategy to deal with the euro zone debt crisis.

On the economic front, home prices gained for a fourth-consecutive monthto 0.9 percent in July amid the peak buying season, according to the Standard & Poor's/Case-Shiller home price index. However, the housing market continues to remain weak and prices are expected to fall in the months ahead. Economists had expected a decline of 4.5 percent, according to a Reuters poll.

Late on Monday President Barack Obama warned European leaders the euro zone debt crisis was “scaring the world," and urged them to take decisive action.

"They are trying to take responsible actions but those actions haven't been quite as quick as they need to be," Obama told a citizens' meeting in Mountain View, California.

Apple gained, rebounding from the previous session's declines after JPMorgan said the iPhone maker is cutting orders from suppliers of parts for its iPad by 25 percent.

Boeing rose after the aircraft maker's CEO Jim McNerney said it expects to reach "cash breakeven" on each 787 Dreamliner this decade.

Meanwhile, Motorola Solutions is being investigated by U.S. regulatory authorities on whether the company paid bribes to win business in Europe, the Wall Street Journal reported, citing people familiar with the matter.

Walgreen climbed after the drugstore chain posted a sharply higher profit, thanks to rising sales of general merchandise and prescriptions.

European shares were trading higher, led by bank stocks including Deutsche Bank and BNPParibas, amid growing expectation of more action from euro zone policymakers to stem the Greek debt crisis and help the euro zone banks.

On Monday, ECB Executive Board member Lorenzo Bini Smaghi said the 440 billion euros in the current euro zone bailout fund, known as the European Financial Stability Facility (ESFS), could be used as collateral to borrow as much as 2 trillion euros from the ECB, making more money available for crisis fighting, but it was up to EU governments to decide how to do this.

Also on the economic front, September consumer confidence data due out at 10:00am ET. Economists in a Reuters survey expect a confidence reading of 46.0 compared with 44.5 in August.

—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC

On Tap This Week:

TUESDAY: S&P/Case-Shiller home price index, consumer confidence, Fed's Lockhart speaks, 2-yr note auction
WEDNESDAY: Weekly mortgage apps, durable goods orders, oil inventories, 5-yr note auction; Earnings from Darden Restaurants
THURSDAY: GDP, jobless claims, Fed's Rosengren speaks, corporate profits, pending home sales, 7-yr note auction, farm prices; Earnings from Micron
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment, Fed's Bullard speaks