Wall Street points to flat open; Monte dei Paschi state bailout decision looms

U.S. stock index futures pointed to a flat-to-higher open on Tuesday after notching record highs in the previous session while shrugging off any market uncertainty caused by Italy's rejection of constitutional reform and Prime Minister Matteo Renzi's subsequent resignation.

As a consequence of political instability in Italy following the referendum result, measures to allow state aid for Banca Monte dei Paschi di Siena (Milan Stock Exchange: BMPS-IT) are being readied, with the Italian lender's hopes of securing privately-backed fundraising waning, according to Reuters sources reported on Tuesday.

On the data front, the October trade deficit widened to $42.6 billion, while third-quarter productivity rose 3.1 percent. Factory orders data are due at 10 a.m. ET.

On the earnings front AutoZone (AZO), Michaels Cos (MIK), HD Supply Holdings (HDS) and Toll Brothers (TOL) all reported before the bell. Dave & Buster's (PLAY), Oxford Industries (OXM), Analogic (ALOG) and Aerovironment (AVAV) are due to report after the bell.

In Europe, the pan-European Stoxx-600 (^STOXX) index was around 0.52 percent higher on Tuesday. In Asia, the Shanghai Composite in China closed 0.17 percent lower, while the Nikkei in Japan closed 0.47 percent higher.

In oil markets, Brent crude (Intercontinental Exchange Europe: @LCO.1) traded at around $54.03 a barrel on Tuesday, down 1.66 percent, while U.S. crude (New York Mercantile Exchange: @CL.1) was around $50.73 a barrel, down 2.05 percent.

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