Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Jobless claims are likely to decline to 475,000 for the May 8 week from 498,000 in the previous week.
The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
The Consumer Price Index for April will be released at 8:30 a.m. ET. Analysts expect consumer prices rising a monthly 0.2% in April following a 0.6% increase in the previous month.
Toward the end of trading Tuesday, the Dow traded down 1.54% to 34,206.70 while the NASDAQ fell 0.19% to 13,376.83. The S&P also fell, dropping 1.01% to 4,146.05.
Toward the end of trading Monday, the Dow traded up 0.36% to 34,903 while the NASDAQ fell 2.16% to 13,456.73. The S&P also fell, dropping 0.58% to 4,208.02.