Officials and diplomats said that differences over the terms of the U.K.’s split from the European Union had narrowed significantly on Tuesday. It has raised hopes that a deal can be agreed by leaders at a key summit on Thursday. Sterling initially jumped above $1.28 on the news, a level not seen since late May, before paring gains as uncertainties remained.

In corporate news, Abbott Labs, Bank of America and U.S. Bancorp are among the major companies scheduled to report earnings before the opening bell.

On the data front, retail sales for September and a business leaders survey for October will be released at around 8:30 a.m. ET. Business inventories for August and the latest monthly survey from the National Association of Home Builders (NAHB) will follow slightly later in the session.

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