Before the bell: Futures lower ahead of manufacturing, housing, auto data

At the same time, construction spending data is due out. Also, throughout the day, car manufacturers will release their U.S. monthly auto sales, expected to show a considerable improvement as a result of the cash-for-clunkers program.

But even as most U.S. indicators are expected to improve, some gauges from around the world haven't been as encouraging. In the U.K., manufacturing unexpectedly contracted in August and consumers paid the most debt in July, unwilling to spend. China's manufacturing, on the other hand, expanded at the fastest pace in 16 months in August, but there are worries the government may cut down stimulus spending as evident by the recent down swings in Chinese markets. No doubt, investors worry the way out of the recession will not be so smooth.

Overseas, Asian stocks closed mostly higher, relieved that China's main index has stabilized after sharp drops Monday. European markets dropped Tuesday after the mild rebound in Asia, as investors worried that stocks are overvalued and that an economic recovery will be only gradual.

On the corporate side, eBay (NASDAQ: EBAY) may finally announce on Tuesday the anticipated deal to sell its Skype Internet calling division to a group of private investors, according to the New York Times.