Stock index futures pointed to a higher open on Wall Street Tuesday, with futures for the S&P 500 up 0.4 percent, Dow Jones futures up 0.3 percent, and Nasdaq 100 futures up 0.5 percent at 4:05 a.m. ET.

European stocks were up 1.5 percent in morning trade, as a raft of good corporate earnings helped eclipse concerns over the finances of Greece and Italy.

Italy, the third-biggest economy in the euro zone and the world's eighth-largest, faces a crucial vote on public finance in parliament on Tuesday. The center-left opposition said it was preparing a motion of no-confidence in the government that would bring Silvio Berlusconi down even if he should survive Tuesday's vote.

Hewlett-Packard is looking to sell Palm's webOS mobile software platform, a deal that could fetch hundreds of millions of dollars but less than the $1.2 billion that HP paid last year, four sources close to the matter said.

Dallas Federal Reserve Bank President Richard Fisher on Monday said his support for the Fed's decision last week to continue efforts to push down borrowing costs does not mean he is a convert to the need for more easing.

Morgan Stanley said a group of investors had accused it of selling defective mortgage bonds contained in more than $6 billion of trusts, signaling that it may face litigation over its involvement.

Dynegy Holdings, a unit of energy producer Dynegy Inc , filed for Chapter 11 bankruptcy on Monday, according to court documents.

U.S. stocks closed a volatile, lightly traded session slightly higher on Monday, with sentiment continuing to shift with the latest headlines from Europe.

The Dow Jones industrial average <.DJI> was up 85.22 points, or 0.7 percent, at 12,068.46. The Standard & Poor's 500 Index <.SPX> was up 7.89 points, or 0.6 percent, at 1,261.12. The Nasdaq Composite Index <.IXIC> was up 9.10 points, or 0.3 percent, at 2,695.25.

(Reporting by Blaise Robinson; Editing by Erica Billingham)