At the start of Tuesday's session, Wall Street stocks were slightly lower as markets awaited key inflation data amid concerns about a slowing global growth outlook.

The release of September consumer price index data on Wednesday, which comes amid concerns that supply chain issues are fueling inflation, is particularly anticipated. Early Tuesday, oil prices fell slightly.

On his account, Briefing.com analyst Patrick O'Hare said that "since the market is a forward-looking entity, the uncertainty about what it might see and hear could lead to some choppy trading action today.”

The IMF lowered its global growth forecast for 2021, warning that the failure to distribute vaccines globally is widening the economic divide and lowering prospects for developing countries.