These are the top 5 things to know for today.
1. U.S. inflation data coming soon
U.S. inflation data will be in the spotlight on Tuesday, as investors attempt to gauge if the world's largest economy is strong enough to withstand an increase in borrowing costs before the end of the year.
The Commerce Department will publish September inflation figures at 12:30GMT. Market analysts expect consumer prices to ease up 0.3%, while core inflation is forecast to increase 0.2%.
On a yearly base, core CPI is projected to climb 2.3%. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less.
Rising inflation would be a catalyst to push the Fed toward raising interest rates.
Markets are currently pricing in around a 70% chance of a rate hike at December's meeting.
2. Goldman Sachs reports Q3 earnings
Goldman Sachs (NYSE:GS) is set to report third-quarter results at 11:30GMT Tuesday morning. The bank is projected to report earnings of $3.86 a share on revenue of $7.56 billion.
Besides Goldman Sachs, pre-market earnings are also expected from UnitedHealth, BlackRock, Johnson & Johnson (NYSE:JNJ), Domino's Pizza, Harley-Davidson and Philip Morris.
Intel (NASDAQ:INTC), Yahoo (NASDAQ:YHOO), Intuitive Surgical (NASDAQ:ISRG) and Navient are due to report earnings after the close.
3. U.K. inflation surges to 2-year high on weak GBP
Consumer price inflation in the U.K. hit a near two-year high in September and came out higher than forecast as a weaker pound put upward pressure on prices, official data showed on Tuesday.
The Office for National Statistics reported that the U.K. consumer price index jumped to 1% in September, above forecasts for a 0.9% increase from 0.6% in August. It was the highest inflation rate since November 2014.
The British pound held above the $1.22 level in wake of the higher than expected inflation reading.
4. Netflix jumps 20% after blasting through estimates
Netflix (NASDAQ:NFLX) surged as much as 20% ahead of the opening bell on Tuesday, as the online television service said it added much more subscribers than estimated in the third quarter.
Netflix added about 3.20 million subscribers internationally in the third quarter, higher than the 2.01 million average analyst estimate. In the U.S., Netflix added 370,000 subscriptions, compared with analysts' estimate of 309,000.
Third-quarter revenue rose 31.7% to $2.29 billion. Shares of Netflix rose 18.5% to $118.30 in pre-market trade from a close of $99.80.
5. Oil rises back above $50
Oil prices were higher during European hours on Tuesday, following an overnight decline, as market players awaited details of a planned output cut by the Organization of the Petroleum Exporting Countries.
A drop in the U.S. dollar away from seven-month highs also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies.
U.S. crude was up 47 cents, or 0.95%, to $50.41 a barrel, while Brent tacked on 43 cents, or 0.85%, to $51.95 a barrel.