By Alexandra Gibbs, CNBC–

U.S. stock index futures fell deep into the red ahead of Tuesday’s open.

Around 5:00 a.m. ET, Dow futures fell 119 points, indicating a lower open of -104.21 points. Futures on the S&P 500 were indicating a slightly negative open of -10.59 points, while Nasdaq futures signaled a downbeat open of -38.20 points.

Markets around the globe are seeing red Tuesday, with markets in Asia and Europe trading mostly lower. U.S. futures pulled back too, following a stellar sessionMonday. The Dow closed up almost 200 points, with the S&P 500 also rising, after news emerged that Canada had joined the U.S. and Mexico in a new trade deal.

Set to be signed at the end of November, the United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States.

Now investors will be looking to China, to see if Beijing and Washington can find a way to meet eye-to-eye on certain trade elements.

Coming up Tuesday, PepsiCo and Paychex are scheduled to publish their latest earnings results before the bell.

On the economic front, Fed Chair Jerome Powell is scheduled to deliver remarks at the 60th NABE annual meeting in Boston. He is expected to comment on the outlook for inflation and employment.

Fed Vice Chair Randal Quarles will be in Washington in front of the Committee on Banking, Housing, and Urban Affairs, where he is set to discuss implementation of the economic growth, regulatory relief and the consumer protection act.

No major economic data is due Tuesday. However, investors are preparing for Friday, when the latest nonfarm payrolls data is due.