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 (), S&P 500 ( ) and Nasdaq ( ) 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 ( ) 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 () dropped 4% before the market open, after reporting third-quarter sales that missed expectations late Monday.
Priceline () 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 () 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 ( ) jumped 1.8%, the DAX ( ) in Germany rallied 2.6% and France's CAC 40 ( ) climbed 2.2%.
Asian markets ended mostly lower. The Shanghai Composite () slipped 0.2%, the Hang Seng ( ) in Hong Kong was flat and Japan's Nikkei ( ) lost 1.3%.
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.
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|30 yr fixed||3.53%||3.73%|
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