Investors will also look to a variety of corporate earnings reports coming out Wednesday.
Lowe's(LOW) stock rose in premarket trading after the home improvement retailer announced that its quarterly sales and profit rose from a year earlier.
Target(TGT) shares were also higher after the retailer announced significant year-over-year gains in sales and profit that beat expectations.
Staples(SPLS) dropped nearly 10% in premarket trading after the office supply retailer reported lower quarterly sales and profit compared to the prior year. The CEO blamed the declines on weakness in retail stores and said the company was working to ramp up its online sales.
Hewlett-Packard(HPQ) will report after the closing bell.
Shares in Heineken(HEINY) were off by nearly 5% in Europe after the brewer reported earnings that were worse than expected.
Stocks in India continued to slide. The Mumbai Sensex has fallen by roughly 7% over the past four trading sessions and the country's currency hit fresh lows versus the U.S. dollar this week. Policymakers have taken some steps to defend the rupee, but some analysts argue more must be done.