Stock Market Today: Futures Climb Amid Reports of $80B Bid for Time Warner

NEW YORK (TheStreet) -- U.S. stock futures were marching higher Wednesday as the first acceleration of China GDP in the last three quarters bolstered the international markets and Time Warner   (TWX) soared on reports that it's being courted by media giant 21st Century Fox (FOX).

Dow Jones Industrial Average futures were rising 54 points, or 55.32 points above fair value, to 17,042. S&P 500 futures were gaining 7.5 points, or 8.67 points above fair value, to 1,975.5. Nasdaq futures were adding on 21.5 points, or 26.9 points above fair value, to 3,934.

Time Warner shares were jumping more than 16.5% to $82.95 in premarket trading as Rupert Murdoch's 21st Century Fox reportedly approached Time Warner recently with an $80 billion takeover offer. Time Warner turned down the offer.

IBM (IBM) shares were tacking on more than 2% and Apple (AAPL) was popping more than 2.5% after Big Blue signed an exclusive deal with Apple aimed at bringing a slew of new business apps to the mobile market.

China's economic growth numbers were garnering much attention with a 7.5% gain in GDP, highlighting that the government's stimulus strategies are working.

In the U.S., the Producer Price Index for June rose 0.4% vs. the expected 0.2%. The U.S. economic docket Wednesday also includes industrial production and capacity utilization for June at 9:15 a.m. EDT, the NAHB Housing Market Index for July at 10 a.m., and the Fed's Beige Book for July at 2 p.m.

If you liked this article you might like

Forecast for S&P 500, Dow Industrials Remains Bullish, These Charts Show

Dow 20,000! It Should Mean Nothing to Investors, but Then Again...

Tradebird Investors Are Bullish on U.S. Stocks but Bearish on the Euro

Why Home Depot and Boeing Stock Fell Tuesday