Oil prices were weighing on the markets after Saudi Arabia cut sales prices to the United States on Monday. Prices for West Texas Intermediate took a slide in premarket trading, down as much as 2.6% to $76.72 a barrel, after Saudi imports for December delivery were slashed 45 cents from a month earlier.
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Watch the video below for a closer look at how U.S. futures are doing in premarket trading Tuesday:
In other economic news, the trade deficit for September came in at $43 billion compared to the expected $40.7 billion. A month earlier, the trade deficit totaled a revised $40 billion.
Dow Jones Industrial Average futures fell 0.15% to 17,259, S&P 500 futures declined 0.22% to 2,006.5, and Nasdaq futures dipped 0.29% to 4,145.
European shares were falling after the European Commission tempered its expectations for eurozone growth through 2016 on continued deflation concerns and unemployment woes. The body cut its forecast for growth next year to 1.1% from 1.7% with significantly lowered estimates for the region's two largest economies, Germany and France.
France's CAC 40 slid 0.34%, London's FTSE 100 was down 0.19%, and Germany's DAX fell 0.11%.
U.S. citizens head to the polls Tuesday for the mid-term elections, the results of which could set the stage for the 2016 presidential elections. In economic releases, factory orders will be released at 10 a.m.
Alibaba (BABA) , the Chinese e-commerce giant, posted revenue in the July-September quarter that was 53.9% higher year over year to $2.74 billion, while net income of 45 cents a share came in as expected.
Shares slipped 0.85% before the bell. The stock has remained around 45% higher than its initial public offering price in September, valuing the company more than Wal-Mart (WMT) at more than $246 billion.
21st Century Fox (FOXA) is due to report after the bell on Tuesday.
--Written by Keris Alison Lahiff in New York.