(By Salman - iStockAnalyst Writer)

US stock futures edged higher on Tuesday ahead of Federal Reserve Chairman Ben Bernanke's congressional testimony.

At 8:16 am ET, Standard & Poor's 500 Index futures expiring in March rose 5 points to 750. Dow Jones Industrial Average futures added 64 points to 7180. Nasdaq Composite Index futures climbed 2.75 points to 1138.50.

The largest US home improvement retailer, Home Depot Inc. (NYSE: HD) swung to a fourth quarter net loss of 3 cents per share compared with a profit of $671 million, or 40 cents per share in the prior year quarter. On an adjusted basis, the company earned 19 cents a share in the latest quarter. Revenue slipped 17% to $14.61 billion from $17.66 billion.

H.J. Heinz Co. (NYSE: HNZ) on Tuesday reported that fiscal third-quarter net income jumped 11% to $242 million, or 76 cents a share from $219 million, or 68 cents a share in the corresponding quarter, a year ago.

Macy's Inc. (NYSE: M) said that its fourth-quarter profit declined to $310 million, or 73 cents a share from $750 million or $1.73 in the year ago quarter. On an adjusted basis, the company earned $1.06 a share in the latest quarter. Revenue dropped to $7.93 billion from $8.59 billion.

According to reports, American International Group (NYSE: AIG) is seeking more federal aid as it may report a $60 billion loss next week.

Late on Monday, JP Morgan Chase & Co. (NYSE: JPM) said that it would slash the quarterly cash dividend on common stock to 5 cents a share from 38 cents, in order to save $5 billion a year in cash. "While we recognize our tremendous obligation to shareholders to maintain dividend levels, we also understand that extraordinary times require extraordinary measures," Jamie Dimon, JPMorgan's CEO.

Meanwhile, Nordstrom Inc. (NYSE: JWN) said that its fourth-quarter net income fell 68% to $68 million, or 31 cents a share from $212 million, or 92 cents a share in the prior year quarter.  Revenue declined to $2.3 billion from $2.51 billion.

Chip maker Spansion Inc. (NASDAQ: SPSN) said that it plans to eliminate 3,000 jobs in order to bring costs "in line with the current expectations for significantly reduced revenues."

On the front of economic data, December's S&P/CaseShiller Home Price Index and consumer confidence data for February are scheduled for release on Tuesday. Investors would be also looking forward to Federal Reserve Chairman Ben Bernanke's testimony before the Senate today.

European stocks retreated in afternoon trade. At 13:08 pm London time, the U.K. FTSE dropped 35.27 points or 0.92% to 3,815.45. The German DAX and French CAC decreased 1.46% and 0.73% respectively.

Asian stocks finished lower. The Nikkei 225 fell 107.60 points or 1.46% to 7,268.56. The Hang Seng index of Hong Kong lost 376.58 points or 2.86% to 12,798.52.

NYMEX crude oil for March delivery declined 19 cents to $38.25 a barrel.

Disclosure: Author does not own any of the stocks discussed here.