By Sam Meredith, CNBC–

U.S. stock index futures were lower Tuesday morning, as market participants wait to see if the world’s two largest economies can secure a comprehensive trade agreement.

At around 05:15 a.m. ET, Dow Jones Industrial Average futures were 75 points lower, indicating a negative open of more than 59 points. Futures on the S&P 500 and Nasdaq Composite were both seen relatively downbeat.

Market focus is largely attuned to global trade developments, after President Donald Trump said on Sunday he would delay a tariff hike of $200 billion of Chinese imports. The announcement marked the clearest sign yet that Washington and Beijing were making progress in their protracted dispute.

However, Trump also sounded a note of caution, saying a deal “could happen fairly soon, or it might not happen at all.”

Market participants are also awaiting testimony from Federal Reserve Chairman Jerome Powell to a U.S. Senate committee on Tuesday. It comes after the U.S. central bank adopted a more cautious stance on future interest rate hikes last month.

On the data front, investors are likely to monitor housing starts and building permits for December at around 8:30 a.m. ET. Philadelphia Fed manufacturing figures for February is expected to be released at the same time, with consumer confidence data for February due later in the session.

In corporate news, Home Depot, Bank of Nova Scotia and Macy’sare all set to publish their latest quarterly results shortly before the opening bell.

Meanwhile, Mylan, IMAX and Papa John’s are all scheduled to report their results after market close.