Futures on major U.S. stock indices point to a higher opening on Tuesday with futures on the S&P 500 up 0.26 percent, futures on the Dow Jones Industrial Average up 0.33 percent and Nasdaq100 futures up 0.16 percent.

Investors are likely to focus on FOMC Meeting Minutes and factory orders which are due to be released after the markets open. Other economic data including total vehicle sales and ABC/Washington Post Consumer Confidence will be released after the markets close.

The Federal Open Market Committee will release the minutes of its last meeting at 2:00 pm EST which is highly anticipated as to confirm the heading of the U.S economy during 2011. Monthly factory orders are expected to show a 0.4 percent decline in December compared to 0.9 percent decline in the previous month.

Shares of Apple reached an all-time high of $330.26 during 2011's first regular trading session. Apple's market cap hit $302.32 billion on Monday, leaving it ahead of rival Microsoft Corp. (NASDAQ: MSFT) that has market value of $239.38 billion, as the largest technology company in the world and second largest company in market capitalization.

Shares of Borders group will be on focus as the company revealed the resignation of two top executive’s general counsel Thomas Carney and Chief Information Officer D. Scott Laverty on late Monday. Its shares declined 8.33 percent in after hours trading session.

On Monday, US stocks began 2011 with a bang – equities leaped, powered by some strong manufacturing data in the U.S. and Europe and by a generally bullish outlook for the New Year.

The euro advanced 0.28 percent to 1.3398 against the dollar and the yen declined 0.44 percent against the greenback.

Crude oil futures rose 0.45 percent to $91.96/barrel and gold futures fell 1.02 percent.

European stock markets are currently trading higher with FTSE 100 up by 135.76 points, DAX30 up by 13.60 points and CAC 40 up by 24.07 points.