Updated from 7:00 a.m. EDTPremarket futures were forecasting a higher open for stocks in the U.S. Thursday, as a decline in third-quarter GDP was narrower than expected and companies issued a heap of quarterly earnings statements. Futures for the S&P 500 were up 31 points at 958 and were 19 points above fair value. Nasdaq futures were better by 35 points at 1329 and were 24 points ahead of fair value. On Wednesday, stocks sold off into the close after a day of choppy trading, as investors mulled the Federal Reserve's decision to cut its key interest rate 50 basis points to 1%. Ahead of Thursday's session, the Department of Commerce reported that GDP contracted 0.3% in the third quarter, a narrower decline than expected by economists but down from growth of 2.8% in the second quarter. The Department of Labor's initial jobless claims for the week ended Oct. 25 registered at 479,000, above analyst estimates and level with the previous week. Additional intervention to bolster the economy looked to be in the works, as Bloomberg reported that the Treasury Department and the Federal Deposit Insurance Corp. may devote $500 billion to help avert home foreclosures. A smattering of corporate earnings were once again occupying traders' attention. Following Wednesday's close, insurance company MetLife ( MET) announced a decline in quarterly profit. Fellow insurer Prudential ( PRU) swung to a loss. Exchange operator CME Group ( CME) said profit declined year over year. Investors heard from a variety of energy companies. Integrated oil firm and Dow component Exxon Mobil ( XOM) posted a profit of $14.8 billion.