Stocks poised to edge higher

November 8, 2011: 8:44 AM ET
preamarket

Click chart for more premarket action.

NEW YORK (CNNMoney) -- U.S. stocks were set to edge higher Tuesday, ahead of a parliamentary confidence vote for Italian Prime Minister Silvio Berlusconi.

The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up less than 1%. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Stocks clawed out gains after a choppy day of trading Monday, as the focus of the European debt crisis shifted from Greece to Italy. Borrowing costs in Italy skyrocketed Monday, with the yield on the 10-year note hitting a record high.

Over the weekend, tens of thousands took to the streets in Rome to protest Italian Prime Minister Silvio Berlusconi's reforms, and many expect that a vote on Italy's budget Tuesday will indicate that Berlusconi does not have enough support to remain in power.

The European debt crisis has kept investors on edge for months. And trading is likely to remain volatile in the near-term, with the Group of 20 summit in France last week failing to produce any tangible new solutions.

Companies: Shares of McCormick and Schmick's (MSSR) jumped more than 4% in premarket trading, after restaurant operator Landry's agreed to buy the seafood chain for $8.75 per share.

Shares of Urban Outfitters (URBN) dropped 4% before the market open, after reporting third-quarter sales that missed expectations late Monday.

Greek debt crisis: Shades of Argentina

Priceline (PCLN) reported after the close Monday that its earnings more than doubled in the third quarter, but it issued a weaker-than-expected sales forecast for the year. Shares of the company rose less than 1% in premarket trading Tuesday.

Shares of Toll Brothers (TOL) climbed 4% after the homebuilder reported a 6% increase in quarterly revenue early Tuesday and said orders rose 24% in the quarter.

Economy: On Monday, the U.S. government said consumer credit rose $7.4 billion in September, after contracting by $9.7 billion the previous month.

World markets: European stocks were higher in afternoon trading. Britain's FTSE 100 (UKX) jumped 1.8%, the DAX (DAX) in Germany rallied 2.6% and France's CAC 40 (CAC40) climbed 2.2%.

Asian markets ended mostly lower. The Shanghai Composite (SHCOMP) slipped 0.2%, the Hang Seng (HSI) in Hong Kong was flat and Japan's Nikkei (N225) lost 1.3%.

Currencies and commodities: The dollar fell against the euro, the British pound and Japanese yen.

Oil for December delivery rose 76 cents to $96.28 a barrel.

Gold futures for December delivery slipped 40 cents to $1,790.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.99% from 2.05% late Monday.  To top of page

Index Last Change % Change
Dow 16,805.41 127.51 0.76%
Nasdaq 4,483.72 30.92 0.69%
S&P 500 1,964.58 13.76 0.71%
Treasuries 2.27 -0.00 -0.09%
Data as of 11:45pm ET
Company Price Change % Change
Ford Motor Co 13.78 -0.62 -4.31%
Microsoft Corp 46.13 1.11 2.47%
Apple Inc 105.22 0.39 0.37%
Bank of America Corp... 16.72 0.12 0.72%
Yahoo! Inc 43.50 0.90 2.11%
Data as of Oct 24
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.98%3.95%
15 yr fixed3.05%3.05%
5/1 ARM3.32%3.71%
30 yr refi4.05%4.03%
15 yr refi3.12%3.11%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.