Futures Point to Higher Open

Futures were pointing to a higher open for Wall Street Thursday as the pace of corporate earnings picked up and several companies posted better results than had been expected.

S&P 500 futures were up 0.6 points to 1359.70, nearly 3 points above fair value. Nasdaq 100 futures were gaining 1.3 points to 1707.75 and were 2.7 points ahead of fair value.

When trading begins, the market will be trying to bounce back from a minor selloff Wednesday, when the major indices closed slightly lower in the wake of disappointing results from Alcoa AA and Genentech DNA.

The Dow Jones Industrial Average lost 15.04 points, or 0.13%, to 11,852.13, after having been down as many as 50 points earlier. The S&P 500 was off 3.47 points, or 0.26%, at 1349.95, and the Nasdaq Composite shed 7.16 points, or 0.31%, to 2308.27.

Stocks took an initial hit after a small airplane crashed into a building on 72nd Street in New York City, but pared their losses after officials said the incident wasn't the result of terrorism. However, the accident did kill two people, one of them New York Yankees pitcher Cory Lidle, who was believed to be piloting the plane.

Among the early earnings reporters, warehouse retailer Costco COST topped estimates, as did motorcycle maker Harley-Davidson HOG.

PepsiCo PEP also got past estimates, and the soda and snack maker offered a profit forecast that was in line with expectations.

Elsewhere, real estate concern CB Richard Ellis Group CBG could see buying interest after Standard & Poor's said it will replace BellSouth BLS in the S&P 500 after the close of trading. BellSouth is being acquired by AT&T T.

To view Farnoosh Torabi's video take on today's market, click here