U.S. stock index futures edged higher on Tuesday as investors searched the latest raft of corporate profits for a reason to rebound from Monday's selloff.

Wall Street fell more than 1 percent on Monday as sovereign debt fears on both sides of the Atlantic and China's monetary tightening hurt the outlook for global economic growth.

The benchmark S&P 500 index managed to hold above the psychologically important 1,300 level but fell through its 50-day moving average, a level investors will watch for signs of further weakness.

Given the jolt the market took yesterday, a refocus on market fundamentals could be a welcome distraction, said Andre Bakhos, director of market analytics at Lek Securities in New York.

Right now, we have to look for some stability above 1,300 and from that point we have to re-establish the primary near term trend.

Texas Instruments Inc fell 1.7 percent to $34.20 in premarket trading after the chip maker warned of slower-than-usual quarterly sales growth. As Texas Instruments scrambles to restart production after Japan's earthquake, the company said it was unclear when the supply of the silicon and wafers it needs will return to normal.

Goldman Sachs is expected to report sharply lower quarterly earnings due to weak trading and a charge for buying back preferred stock from Warren Buffett's Berkshire Hathaway . Analysts surveyed by Thomson Reuters on average expect Goldman to post first-quarter earnings of 82 cents per share, down from $5.59 a year earlier.

Bank of New York Mellon , one of the world's largest custody banks, said first-quarter profit rose 4 percent, helped by an increase in assets under custody and fee revenue.

Companies also scheduled to report quarterly results on Tuesday include Intel Corp , International Business Machines Corp , Yahoo Inc and CSX Corp .

S&P 500 futures added 1.8 points and were slightly above value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 12 points and Nasdaq 100 futures rose 2.25 points.

Economic indicators on tap include March housing starts at 8:30 a.m..

Seagate Technology Plc advanced 2.6 percent to $18.30 in premarket trading after it announced a deal to buy Samsung Electronics Co's <005930.KS> hard disk business for $1.4 billion in cash and stock.

Seagate posted a third-quarter profit below market expectations on lower hard-drive shipments.

European shares rallied, with LVMH and Burberry results' beating forecasts. <.EU>

Asian stocks slid, falling further from a three-year high hit last week.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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