Futures for the Dow Jones Industrials dwindled 277 points, or 0.8%, early Tuesday to 33,589.
Futures for the S&P 500 sank 30 points, or 0.7%, to 4,057.50.
Futures for the NASDAQ Composite fell 118.5 points, or 0.6%, to 12,271.50.
Home Depot shares fell 3.8% in the premarket after the home improvement retailer posted weaker-than-expected revenue for the fourth quarter. The company also issued a muted outlook. Walmart, another Dow component, also fell more than 2% after posting its latest quarterly results.
Walmart shares dipped 2.5% even after the retail giant posted better-than-expected results for the previous quarter.
The company earned $1.71 per share on revenue of $164.05 billion in its fiscal fourth quarter. Analysts expected earnings per share of $1.51 on revenue of $159.72 billion.
The Fed on Wednesday is scheduled to release the minutes from its meeting of Jan. 31 and Feb. 1. The central bank hiked rates by 25 basis points after that meeting.
In Japan, the Nikkei 225 index forfeited 0.2%, while in Hong Kong, the Hang Seng ditched 1.7%.
Oil prices leaped 43 cents to $76.77 U.S. a barrel.
Gold prices slumped $8.90 to $1,837.20 U.S. an ounce.