Stock index futures pointed to a lower opening on Wall Street on Tuesday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.2 percent and Nasdaq 100 futures down 0.5 percent at 0919 GMT.
Poor U.S. manufacturing data and concerns that Washington's last-minute deal to raise the country's debt ceiling and cut budget deficit will not be enough to prevent a credit downgrade rocked Asian and European equities on Tuesday, with Japan's Nikkei average <.N225> ending 1.2 percent lower and European shares tumbling to a 10-month low.
The Senate is set to vote on the bill at 1600 GMT. The biggest hurdle was cleared on Monday with the Republican-controlled House of Representatives passing the bill.
The euro zone debt crisis was back at the forefront of investors' minds after French bank BNP Paribas unveiled a $768.3 million writedown linked to Greece's woes.
Peripheral bond yields soared and German Bunds rallied on Tuesday as a grim U.S. economic outlook added to the concerns of investors as the spread of the euro zone's debt crisis showing no signs of slowing.
Officials from the Italian economy ministry, the Bank of Italy and market authorities are to meet on Tuesday to discuss the market turbulence which has sent Italian bond yields to record levels, a source with knowledge of the meeting said.
Oil fell on Tuesday on continued worries about the growth prospects of the United States, the world's largest crude consumer, after weak manufacturing data. U.S. crude was 57 cents lower at $94.32 after trading as low as $93.42 on Monday, its lowest since late June.
NYSE Euronext will be in the spotlight after the market operator said profits fell 16 percent in the second quarter as trading slowed on its shares and financial derivatives markets in New York and Europe.
On the macro front, investors awaited data on June personal income and consumption, as well as July auto sales.
Companies due to report results include Pfizer , CBS Corp , Duke Energy Corp , Marathon Oil Corp , Molson Coors Brewing and Tenet Healthcare .
The S&P 500 fell for a sixth day on Monday as the deadline loomed for the government to get a deal on the national debt and
data showed economy showed further signs of stalling. The market pared losses late in the day before Congress was expected to vote on a debt deal backed by the White House which includes spending cuts of $2.4 trillion over 10 years.
The Dow Jones industrial average <.DJI> dropped 10.75 points, or 0.09 percent, to 12,132.49. The Standard & Poor's 500 Index <.SPX> fell 5.34 points, or 0.41 percent, to 1,286.94. The Nasdaq Composite Index <.IXIC> lost 11.77 points, or 0.43 percent, to 2,744.61.
(Reporting by Blaise Robinson; Editing by Greg Mahlich)