Stock futures rose Tuesday as investors prepared for a trading day to be largely dominated by corporate earnings reports.

S&P 500 futures rose 0.31%, Dow Jones Industrial Average futures increased 0.35%, and Nasdaq futures were up 0.28%.

General Motors (GM - Get Report) posted stronger-than-expected fourth-quarter earnings Tuesday and lifted its global car sales estimates for the next four years. The stock fell 0.3% in premarket trading.

Michael Kors (KORS) fell 10.6% in premarket trading after third-quarter same-store sales fell 6.9% and it guided for fourth-quarter earnings below Wall Street forecasts.

Twenty-First Century Fox (FOXA) shares fell 0.8% in premarket trading after the media company reported a profit of 46 cents a share, beating Wall Street estimates, while revenue of $7.68 billion missed expectations. Revenue in the quarter rose 4.2% on a "record-breaking post-season baseball run" and strong entertainment, series, and news programming, the company said.

BP's ( BP - Get Report)  American depositary receipts declined 3.5% in premarket trading after the oil company missed quarterly earnings expectations. Earnings of 13 cents a share missed analysts' estimates of 16 cents. Revenue rose 3.7% to about $51 billion but came in below forecasts.
"We still expect oil demand growth to be strong this year at 1.3 million barrels per day, with modest growth in non-OPEC supply -- which means the timing and extent of market rebalancing depends heavily on OPEC behavior," Bob Dudley, BP group CEO, said on the earnings call. "So while we remain optimistic about the market continuing to rebalance in 2017, we recognize that this could take some time. In short, the road to a more balanced position still has uncertainties."
Oil prices in the U.S. early Tuesday fell 0.5% to $52.74 a barrel.
GAP ( GPS - Get Report)  shares rose 1.4% in premarket trading after the San Francisco-based retailer reported that its sales in the fourth quarter and in January rose in what was generally a dismal holiday season for retailers. Same-store sales in January increased 1%, and were up 2% in the fourth quarter. In January 2016, Gap's same-store sales fell 8% and slipped 7% in the fourth quarter of 2015. 
Others reporting Tuesday include  Walt Disney ( DIS - Get Report) , Mondelez International ( MDLZ - Get Report) , Panera Bread ( PNRA) , Buffalo Wild Wings ( BWLD) , Zillow ( Z - Get Report) , Netgear ( NTGR - Get Report) , Take-Two Interactive ( TTWO - Get Report) , Gilead Sciences ( GILD - Get Report) and Yum China ( YUMC - Get Report)  .

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Philadelphia Federal Reserve Bank President Patrick Harker said on Monday that he isn't taking an interest rate hike off the table at the next Fed meeting in March.

"I still am supportive of three rate hikes this year, of course with a major caveat, depending on how the economy evolves and policy, fiscal policy, evolves," Harker said following a speech. "I think March should be considered as a potential for another 25-basis point increase."

The U.S. trade deficit in December fell 3.2% to $44.3 billion. In 2016, the deficit increased slightly to $502.3 billion, the largest since 2012.