The yield on the benchmark 10-year Treasury note was lower at around 2.969 percent at 5:45 a.m. ET, while the yield on the 30-year Treasury bond was lower at 3.137 percent. Bond yields move inversely to prices.

Markets around the globe are keeping a close eye on the U.S. bond market as treasury yields continue to fluctuate. On Monday, the yield on the 10-year Treasury note hit 2.99 percent, its highest level since January 2014. The yield was flirting with the all-important psychological 3 percent level that, if hit, could trigger a reaction from markets around the world.

On Tuesday, however, the yield came off its highs, helping ease sentiment across the globe, with markets in Europe and Asia trading mostly higher. Investors have been selling Treasurys as of late — leading to rising yields— amid expectations of rising inflation, which may encourage the U.S. central bank to tighten monetary policy more quickly.

As concerns over rising yields abate, investors will be turning their attention to fresh economic data set to be released over the course of Tuesday's session.

At 8:30 a.m. ET, the Philadelphia Fed's non-manufacturing business outlook survey is scheduled to be released, followed by S&P/Case-Shiller house price index and the FHFA house price index at 9 a.m. ET. At 10 a.m. ET, new home sales, consumer confidence and the Richmond Fed Survey of Manufacturing Activity are all scheduled to be published.