U.S. equity futures gained in Tuesday's premarket trading after massive losses Monday following the turmoil over the Italian elections. It appears as though no party can form a majority, which could mean Italians will go back to the polls to try to elect a majority government.

In other news around the markets:

In a speech given overnight, Federal Reserve Bank of Atlanta President Dennis Lockhart sees Fed asset purchases continuing at least into mid-2013.

Recapping the Italian elections, market favorite Pier Luigi Bersani has won a majority in the lower house of Parliament, but opposition parties led by Silvio Berlusconi and Beppe Grillo have won enough seats to block a majority in the senate.

Japan is set to vote on the new Bank of Japan appointments on March 14 and 15, and the central bank should have a new governor at that time.

S&P 500 futures rose 3.8 points to 1,490.80.

The EUR/USD was higher at 1.3096.

Spanish 10-year government bond yields rose to 5.32%.

Italian 10-year government bond yields rose 33 basis points to 4.81%.

Gold rose 0.67% to $1,597.10.

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Asian markets

Asian shares were lower overnight in reaction to the unsettled Italian election results. The Japanese Nikkei fell 2.26% as the yen strengthened, the Shanghai Composite Index fell 1.4% and the Hang Seng Index dropped 1.32%. Also, the Korean Kospi declined 0.47%, and Australian shares fell 1.03%.

European markets

European shares were also lower overnight, led by Italian banks following the election results. The Spanish Ibex Index fell 2.84%, and the Italian FTSE MIB Index tumbled 4.52%. The German DAX fell 1.8%, the French CAC dropped 2.07% and U.K. shares declined 1.28%.

Commodities

Commodities were weak overnight as the market had a broad risk-off tone after the election results. WTI Crude futures fell 0.84% to $92.23 per barrel, and Brent Crude futures dropped 0.99% to $113.32 per barrel. Copper futures fell 0.32% overnight as Australian stocks slid and the country's central bank members warned on further rate cuts. Gold was higher, and silver futures fell 0.25% to $28.98 per ounce.

Currencies

Currency markets were more stable overnight after Monday's massive volatility, which saw major pairs trade in massive ranges. The EUR/USD was higher at 1.3096, and the dollar rose against the yen to 92.02. Overall, the Dollar Index rose 0.05% on strength against the yen, the Swiss franc and the Canadian dollar. It's important to note that the EUR/JPY traded in an astounding six-figure range Monday, seemingly flushing out the levered longs.

Premarket movers

Stocks moving before Tuesday's trading included:

• Autodesk (ADSK) shares fell 2.24% premarket after the company reported earnings and lowered guidance.
• McDonald's (MCD) shares rose 1.29% as the company ramps up operations in Russia.
• Dow Chemical (DOW) shares rose 3.17% as the company spoke of benefits from America becoming energy independent.
• General Motors (GM) shares rose 2.54% as the government looks to sell the last of its stake in the automaker.

Earnings

Notable companies expected to report earnings Tuesday include:

• AutoZone (NYSE: AZO) is expected to report second-quarter earnings per share of $4.75 vs. $4.15 a year ago.
• Bank of Montreal (BMO) is expected to report fourth-quarter EPS of $1.47 vs. $1.42 a year ago.
• First Solar (FSLR) is expected to report fourth-quarter EPS of $1.76 vs. $1.26 a year ago.
• Home Depot (HD) is expected to report fourth-quarter EPS of 64 cents vs. 50 cents a year ago.
• Macy's (M) is expected to report fourth-quarter EPS of $1.99 vs. $1.70 a year ago.
• Priceline.com (PCLN) is expected to report fourth-quarter EPS of $6.54 vs. $5.37 a year ago.
• RadioShack (RSH) is expected to report a fourth-quarter loss of 5 cents vs. EPS of 12 cents a year ago.
• TiVo (TIVO) is expected to report a fourth-quarter loss of 11 cents vs. EPS of 6 cents a year ago.

Economics

On the economics calendar Tuesday, Fed Chairman Ben Bernanke begins his two-day testimony in Washington. Also, chain store sales and the Redbook are due out, followed by the FHFA House Price Index, the Case-Shiller Home Price Index and new home sales. 

In addition, consumer confidence data and the Richmond Fed Manufacturing Index are expected. Lastly, the Treasury is set to auction 4-week bills and 5-year notes. Overnight, British GDP data and Italian auctions should move markets.

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