Traders work on the floor of the New York Stock Exchange
Credit Suisse expects the S&P 500 index to trade in the 1100 to 1300 range, saying that most important potential source of turbulence in equity markets may be the actions of monetary policymakers. REUTERS

Futures on major U.S. stock indices point to a lower opening on Tuesday as renewed concerns about European sovereign debt crisis weighed on sentiment.

Futures on the S&P 500 are down 0.17 percent, futures on the Dow Jones Industrial Average are down 0.20 percent and Nasdaq100 futures down 0.26 percent.

US stocks fell on Monday, but finished significantly above intra-day lows, as the market recovered somewhat from early losses triggered by renewed fears that the euro zone debt crisis could spread beyond Ireland to Portugal and Spain.

After the financial markets gave thumbs down to the Irish bailout deal and the common currency slumped further, the focus is converging on the eurozone itself, rather than on the indebted individual members of the bloc.

On the economic front, investors are likely to focus on economic data including Chicago Purchasing Managers Index and Conference Board consumer confidence index for the latest signs of how the US economy is performing.

After the opening bell, Chicago Purchasing Managers Index, which determines the economic health of the manufacturing sector in Chicago region, is expected to show a slight deterioration in activity, while economists are forecasting that Conference Board’s consumer confidence index for the month of November may improve to 52.00 from 50.20 of previous month.

On the housing front, S&P/CaseShiller house price index for the month of September will be released before market opens.

Shares of Seagate Technology will be on focus as the company announced that it has terminated discussions with private equity (PE) firms regarding going private, as the two parties could not agree to a valuation range.

The euro declined 0.85 percent to 1.3013 against the dollar and the yen gained 0.48 percent against the greenback.

Crude oil futures declined 0.34 percent to $85.44/barrel and gold futures advanced 0.55 percent.

European stock markets are currently trading mixed with FTSE 100 up by 2.85 points and DAX30 up by 27.05 points, while CAC 40 down by 4.94 points.

Gold Dow jones Ftse Manufacturing