Futures on major U.S. stock indices point to a lower opening on Tuesday with futures on the S&P 500 down 0.34 percent, futures on the Dow Jones Industrial Average down 0.32 percent and Nasdaq100 futures down 0.38 percent.

Investors are likely to focus on economic data including Chicago Purchasing Managers Index and Conference Board consumer confidence index for the latest signs of how the US economy is performing.

Chicago Purchasing Managers Index, which determines the economic health of the manufacturing sector in Chicago region, will be released after the opening bell and is expected to show a slight deterioration in activity.

The Conference Board will release its consumer confidence index for the month of November after market opens. Economists are forecasting that confidence may improve to 52.00 from 50.20 in the previous month.

On the housing front, S&P/CaseShiller house price index for the month of September will be released before market opens.

Investors are also eagerly awaiting the speech by Federal Reserve Chairman Ben Bernanke about the challenges for the economy at 3:00 pm EDT, which could signal a short-term positive or negative trend.

On Monday, US stocks fell, but finished significantly above intra-day lows, as the market recovered somewhat from early losses triggered by renewed fears that the euro zone debt crisis could spread beyond Ireland to Portugal and Spain.

The euro declined 0.83 percent to 1.3016 against the dollar and the yen gained 0.37 percent against the greenback.

Crude oil futures declined 0.45 percent to $85.34/barrel and gold futures advanced 0.69 percent.

European stock markets pared earlier gains and are currently trading mixed with FTSE 100 up by 5.43 points and DAX30 up by 13.42 points, while CAC 40 down by 9.30 points.