Stock Market Today: Futures Advance Is Supported by Upbeat Earnings

NEW YORK (TheStreet) -- U.S. stock futures were rising Thursday, with the broader market looking at a third day of gains as international markets climbed on upbeat manufacturing news and earnings season continued to gain positive traction despite some misses.

The jobless claims report on Thursday also supported the optimistic mood. Initial jobless claims for the week of July 19 fell by 19,000 to their lowest level since Feb. 18, 2006, at a smaller-than-expected 284,000.

Dow Jones Industrial Average futures were up 21 points, or 27.37 points above fair value, to 17,046. S&P 500 futures were rising 3.5 points, or 3.44 points above fair value, to 1,984.25. Nasdaq futures were up 12.3 points, or 9.36 points above fair value, to 3,987.8. U.S. stocks closed mixed Wednesday, with the S&P 500 logging its 71st closing all-time high for this bull market since the market bottom on March 9, 2009.

July 24 Premarket Briefing: 10 Things You Should Know

Stock Market Today: Record Intraday Moves for S&P 500 on Apple, Pepsi Earnings

European Stocks Rise on Strong Manufacturing Data

"The market continues to remind investors that the trend remains their friend, as it focuses on earnings growth while shrugging off global hostility concerns and the downward revision to second-quarter GDP growth estimates from above 3.5% to below 3% currently," wrote Sam Stovall, managing director of U.S. equity research at S&P Capital IQ.

Stovall noted that the market may be indicating that investors should be encouraged that modest growth will likely keep inflation in check and the Federal Reserve on hold as far as rates are concerned.

S&P Capital IQ estimated that second-quarter S&P 500 earnings growth should to come in at 7.3% year-over-year, with earnings per share of $28.89. That's up from its prior day estimate of 7% growth with EPS of $28.80.

Thursday is another busy day for corporate earnings after online social network Facebook (FB) reported Wednesday evening sharply higher second-quarter earnings on increasing revenue from mobile advertising. Shares of Facebook were surging more than 8.5% to $77.57 in premarket trading.

Ford (F) was up 1.57% to $18.06 after reporting second-quarter earnings on Thursday of 32 cents share, up from 30 cents a year earlier. Amazon.com (AMZN), the online retailing giant, is expected by analysts on Thursday to report a second-quarter loss of 15 cents a share on revenue of $19.34 billion. AT&T (T)said second-quarter earnings fell as customers moved to cheaper cellphone plans. Chipmaker Qualcomm (QCOM) said fiscal third-quarter net income rose 42%, topping expectations, but guidance for the fourth quarter came in below forecasts. Caterpillar (CAT) reported second-quarter earnings that topped estimates by 17 cents at $1.69 a share, but disappointed on sales expectations as its China results came in soft. General Motors (GM) missed by a penny with earnings per share of 58 cents, as the auto giant continues to deal with the financial fallout of its massive recalls.

In other top corporate headlines, Walmart (WMT) announced that Greg Foran has been promoted to CEO of Walmart U.S., succeeding Bill Simon who has been in the role since June 2010 and will be transitioning out of the company. Foran was promoted to CEO of Walmart Asia earlier this year.

The roll call of economic reports Thursday also includes the Markit "flash" PMI manufacturing index for July at 9:45 a.m. EDT and new home sales for June at 10 a.m.

International markets were generally higher. European stock indices reversed early losses to move higher on Thursday after positive manufacturing data pointed to a eurozone recovery. The Shanghai Composite increased 1.28% and the Hong Kong Hang Seng rose 0.71% after the HSBC "flash" manufacturing Purchasing Managers' Index advanced to 52 in July from 50.7 in June.

-- By Andrea Tse in New York

More from Markets

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Bank of England Holds Rates Steady, But Vote Shift Signals Hawkish Tone

Bank of England Holds Rates Steady, But Vote Shift Signals Hawkish Tone

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

Trade War Fear Creeps Back Into Markets on Thursday

Trade War Fear Creeps Back Into Markets on Thursday