Stocks: Investors step back

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NEW YORK (CNNMoney) -- Investors were taking a step back early Tuesday, with stocks headed for a modestly lower open, ahead of a report on consumer confidence and minutes from the latest Federal Reserve meeting.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures fell between 0.6% and 0.8% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

On Monday, U.S. stocks rallied following a trifecta of positive news: a Greek bank deal, a solid U.S. consumer spending report, and relief that Hurricane Irene caused less damage than expected.

The Dow gained 2.2%, the S&P 500 added 2.8% and the Nasdaq rose 3.3% Monday. Despite the recent strength, the major indexes are still in the red for the year -- with August on track to be worst month for stocks since May 2010.

Much of the weakness has be fueled by fears that the U.S. economy could tip back into a recession.

Since consumer spending accounts for 70% of U.S. economic activity, investors will play close attention to the August reading on consumer confidence due shortly after the market opens.

While the consumer confidence reading is backward looking, any weak number could cause a knee-jerk reaction to the downside. But there have been signs that consumers are starting to reopen their wallets, so any sell-off could be short-lived.

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Later in the afternoon investors will comb through the minutes from the Fed's meeting earlier this month, when a divided Fed announced it would keep interest rates exceptionally low until at least the middle of 2013.

The minutes are expected to provide more insight into the Fed's decision, and give investors the opportunity to look for clues on the possibility of further monetary stimulus measures from the central bank's September meeting.

Last week, Fed Chairman Ben Bernanke said he will take a closer look next month on what steps the Fed can take to jumpstart stalled growth, but he stopped short of committing to any specific measures.

Economy: The Case-Shiller 20-city home price index for June is due ahead of the opening bell. The index is expected to have fallen 4.7%, following a 4.51% drop in May.

After the opening bell, a report from the Conference Board is expected to show a drop in consumer confidence. Economists expect the index to slip to 52 from 59.6 in July.

At 2 p.m. ET, the Federal Reserve will release minutes from it Aug. 9 meeting.

Companies: Shares of Dollar General (DG, Fortune 500) spiked 3.6% in premarket trading, after the retailer beat second-quarter earnings and sales estimates. The retail company lifted its same-store sales guidance for the remainder of the year. During the second quarter, investing guru Warren Buffett added a $50.8 million stake in Dollar General.

Barnes & Noble (BKS, Fortune 500) is also expected to report quarterly results before the opening bell.

World markets: European stocks were mixed in afternoon trading. Britain's FTSE (UKX) 100 rose 1.9%, while the DAX (DAX) in Germany fell 1.1% and France's CAC 40 (CAC40) slipped 0.4%.

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Asian markets ended the session mixed. The Shanghai Composite (SHCOMP) fell 0.4%, while the Hang Seng in Hong Kong (HSI) climbed 1.7% and Japan's Nikkei (N225) rose 1.2%.

Currencies and commodities: The dollar gained ground against the euro and British pound, but fell versus the Japanese yen.

Oil for October delivery slipped 61 cents to $86.66 a barrel.

Gold futures for December delivery rose $37.80 to $1,829.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.19% from 2.27% late Monday.