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U.S. stock futures advanced slightly Tuesday morning after edging lower earlier, indicating investors await a clearer direction following some recent gains, early morning earnings report and Federal Reserve Chairman Ben Bernanke opinion piece in the Wall Street Journal. Bernanke is also scheduled to give his semiannual monetary-policy testimony to Congress at 10:00 a.m.[Update: stocks got a boost from Caterpillar's earnings.]
Bernanke said in his opinion piece that after a long period of central bank policies aimed at thawing out the credit market, the central bank will move to stem inflation, but only when the economy is moving quickly enough to warrant tighter policy. He is "confident" in the Fed's ability to curtail inflation.
Earnings reports have generally been accepted well: Texas Instruments (NYSE: TXN) and Boston Scientific (NYSE: BSX) reported Monday after the close and Dupont (NYSE: DD), UnitedHealth (NYSE: UNH) and Continental Airlines (NYSE: CAL). And several heavyweights are still to come the likes of Coca-Cola (NYSE: KO), United Technologies (NYSE: UTX), Caterpillar (NYSE: CAT) and Apple (NASDAQ: AAPL) after the close.
Meanwhile, investors are also watching CIT Group (NYSE: CIT), which Monday confirmed that bondholders had extended financing that will keep it afloat. Although, the $3 billion rescue loan may not be enough.
Overseas, Asian markets finished the day mixed and European stock markets rose modestly by midday.
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