On the data front, Tuesday will see housing starts, import and export prices and current account data released at around 8:30 a.m. ET.
Later on Tuesday, the U.S. central bank is poised to begin a two-day meeting. The Fed is expected to take another step towards normalization and could also announce plans to begin unwinding its $4.5 trillion portfolio of Treasuries and mortgage backed securities.
In oil markets, Brent crude traded at around $55.54 a barrel on Tuesday morning, up 0.11 percent, while U.S. crude was around $50.13 a barrel, up 0.44 percent.
Oil markets appeared to hold steady on Tuesday, despite indications of tighter supplies in the Middle East. Iraq’s oil minister said his country’s oil production had slipped slightly when compared to May and June. His comments followed data showing that Saudi Arabia’s oil exports had fallen in June.