U.S. stock futures dropped significantly lower, indicating U.S. markets could again start on a down note as investors continue to digest what's happening in the economy, in the financial sector and in the auto sector. Today, executives of GM, Ford and Chrysler head of the UAW will testify at a Senate Banking Committee hearing as they seek $25 billion in government aid.

Meanwhile, overseas, stocks in Europe and Asia declined for a second day, led by commodity producers and financial companies. Investors fear the deepening recession will erode profits. Oil prices fell below $55 a barrel Tuesday as the owner of the Saudi oil supertanker hijacked by Somali pirates over the weekend said the company is trying to have the crew and vessel, which is carrying about $100 million in cargo, released.

Investors will also await for some economic releases today: Starting at 8:30 a.m., the Labor Department will October producer price index, and inflation gauge at the wholesale level. Prices are expected to decrease by 1.8% in October, according to Briefing.com. At 10 a.m., that time, the National Association of Realtors will release third-quarter area home prices and sales. At 1 p.m., the National Association of Home Builders issues its monthly outlook.

Finally, the market will also tune in to listen to Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila Bair scheduled to testify in front of the House Financial Services Committee, which holds a hearing regarding oversight of the bailout plan.