Following substantial gains on Wall Street on Monday, the rally in Asian stocks lost momentum overnight, and the U.S. dollar showed signs of weakness. Optimism surrounding the U.S.-China trade deal has diminished, leading to a stall in global stock markets. Despite this, U.S. stocks have recovered all losses incurred since the announcement of tariffs in April, with the S&P 500 closing up for the year for the first time since February. However, U.S. stock futures retreated ahead of key economic data releases and a speech by Federal Reserve Chair Jerome Powell. Crude oil prices slipped amid optimism over a potential Iran deal. Market participants are closely watching the heavy slate of economic data and Powell's remarks for further direction.