By Caitlin Ostroff

U.S. stock futures edged down Tuesday as investors weighed the potential terms of the next stimulus bill and a slowdown in coronavirus infections while awaiting earnings from a string of major companies.

Futures tied to the S&P 500 slipped 0.4%, suggesting the benchmark index could be lose ground after the New York opening bell.

Overseas, the Stoxx Europe 600 fell 0.3%. Most major stock markets in Asia closed higher.

Investors are largely focusing on companies' guidance for the second half of the year as they seek to assess the pace of recovery among major American businesses.

"Corporate leaders happen to be less sanguine on the future than investors are," said Fahad Kamal, chief market strategist at Société Générale's private banking and wealth management division Kleinwort Hambros. "Markets seem to be pricing a return to normalcy by the end of the year, largely driven by vaccine news."

Stock markets may tumble if a vaccine isn't found and widely distributed by the end of the year, Mr. Kamal said.

U.S. coronavirus cases rose by 55,000 Monday, the slowest daily pace since July 7, giving investors cause for cautious optimism. Deaths also haven't surged in the same way that coronavirus cases have over the past month. But some states are continuing to struggle with a rising number of infections, hospitalizations and fatalities.

Investors are also watching for progress on a stimulus bill proposed by Republicans. The current version of the plan, which will need to secure the backing of Democrats, suggests cutting the federal $600 weekly unemployment supplement to $200 through September, when the payment will then combine with state benefits to replace 70% of previous wages.

"This week, the market focus will be solely on the negotiations between the Republicans and the Democrats," said Wei Li, head of iShares EMEA investment strategy at BlackRock. "We're talking about a really tight timeline for them to come through with something."

Gold prices briefly hit an intraday record of $1,974.70 a troy ounce, before paring gains to trade down 0.3% to $1,925.80. The precious metal has soared in recent months, driven higher by the drop in inflation-adjusted interest rates caused by central banks' efforts to bolster economic activity during the pandemic. Gold pays no income, so becomes more attractive to investors when yields on other assets decline.

Traders are now turning their focus to the conclusion of the Federal Reserve's two-day policy meeting on Wednesday for cues about the outlook for monetary policy.

The yield on the benchmark 10-year U.S. Treasury note ticked down to 0.605%, from 0.609% Monday. Bond yields rise as prices fall.

In Asia, the Shanghai Composite Index rose 0.7%, and South Korea's Kospi climbed 1.8% by the end of the day. Japan's Nikkei 225 fell 0.3%.

--Chong Koh Ping contributed to this article.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com