U.S. stock index futures indicated that Wall Street will try to break a three-day losing streak on Tuesday, with some profit-taking kicking in on a relatively quiet day in terms of earnings and economic data.
Asian markets moved out of negative territory and were trading mostly higher in the afternoon session Tuesday, with Japan and South Korea both closing more than 1 percent higher, while European shares were also in the green.
A senior U.S. Treasury official told CNBC Europe that the fundamentals of the world's biggest economy are sound, although it still faces "headwinds" because of the falling housing market, tightening credit markets and rising prices for commodities.
In reference to the weakening dollar, Robert Kimmitt, Deputy Treasury Secretary, said that exchange rates should be based on fundamentals.
"We believe that currency rates should be set in open, competitive markets based on underlying fundamentals, and we think the long-term fundamentals of the U.S. economy are sound," Kimmitt told "Squawk Box Europe".
The only economic indicator expected at 8:30 am New York time is the trade deficit for January, predicted to be slightly wider at 59 billion from 58.8 billion in December.