U.S. stock index futures fell on Tuesday after Home Depot said its markets were under pressure and commodity prices eased as the dollar bounced higher.

Home Depot Inc (HD.N), the top U.S. home improvement chain, reported third-quarter profit that topped expectations as cost cuts offset weak sales. But it said it was contending with a great deal of pressure in its markets. The stock fell 1.5 percent to $27.23 in premarket trade. 

The U.S. dollar bounced against a basket of currencies after hitting 15-month lows on Monday, pressuring oil and other commodities. Commodity-linked stocks may come under pressure, although trading in those sectors was light. Aluminum giant Alcoa Inc (AA.N) fell 1 percent.

Peter Cardillo, chief market economist at Avalon Partners in New York, said investors would take profits after a strong run that pushed major indexes to 13-month closing highs Monday, but said industrial production numbers could reverse that.

Any good news out there could cut short profit taking, he said. The trend is higher for equites.

Industrial production is expected to have climbed for a fourth consecutive month, up 0.4 percent in October, as investors watch for signs an economic recovery is taking hold. The data is due at at 9:15 EST (1415 GMT).

S&P 500 futures SPc1 fell 2.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 dipped 25 points, and Nasdaq 100 futures NDc1 dropped 6.25 points.

Target Corp (TGT.N) will present its quarterly scorecard before the opening bell. The budget retailer is expected to post earnings of 50 cents per share, up from 49 cents a year ago.

Oil CLc1 fell 0.4 percent after jumping 3 percent Monday. The U.S. dollar climbed 0.5 percent against a basket of currencies .DXY. Gold edged lower in European trading.

Investors are also watching U.S. monthly producer prices data due at 8:30 EST (1330 GMT). Prices at the factory gate are expected to have ticked up 0.5 percent in October after a surprise fall in the previous month.

U.S. stocks rose broadly on Monday after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth.