By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- Wall Street was looking at a higher open
on Thursday, with U.S. stock futures strengthening after key
eurozone data came in better than anticipated. The deluge of
corporate results will continue, with industrial conglomerate 3M
Co. expected to report a rise in quarterly earnings.
Updates on the U.S. manufacturing sector and the labor market
are also on deck for Thursday's session.
Futures for the Dow Jones Industrial Average (DJZ4) were up 88
points, or 0.5%, at 16,512, and those for the S&P 500 (SPZ4)
gained 10 points, or 0.5%, to 1,935.40. Futures for the Nasdaq-100
(NDZ4) climbed 19 points, or 0.5%, to 3,968.
Dow futures jumped by more than 100 points after data firm
Markit said the initial October reading of its eurozone
manufacturing purchasing managers index reached a two-month high at
50.7, above expectations of a reading at 50. The report offered
some upbeat news at a time when worries about slowing global
economic growth have prompted investors to sell off equities
world-wide.
But the report also suggested manufacturers and service
providers don't expect a significant pickup in the pace of activity
in the coming months.
U.S. stocks on Wednesday finished lower, with the S&P 500
index (SPX) losing 0.7%, the Dow Jones Industrial Average (DJI)
down 0.9% and the Nasdaq Composite (RIXF) off 0.8%.
Data: Markit will release its initial October purchasing
manufacturing index for the U.S. at 9:45 a.m. Eastern Time. Ahead
of that, the Labor Department is slated to release weekly
jobless-claims data at 8:30 a.m. Eastern Time. Economists polled by
MarketWatch expect an increase in claims back up to 285,000.
The Federal Housing Finance Agency at 9 a.m. Eastern is
scheduled to post a report on home prices for August, and the
Conference Board's leading indicators data are set for release at
10 a.m. Eastern.
Earnings: Ahead of the opening bell, 3M (MMM), a component of
the Dow Jones Industrial Average, is expected to report
third-quarter earnings of $1.96 a share compared with $1.78 a share
in year-earlier period, according to a poll of analysts by
FactSet.
Heavy-equipment maker Caterpillar Inc. (CAT) is forecast to post
third-quarter earnings of $1.34 a share.
Cable company Comcast Corp. (CMCSA) is likely to report
third-quarter earnings of 71 cents a share.
Drug maker Eli Lilly & Co. (LLY) is forecast to report
third-quarter earnings of 67 cents a share.
General Motors Co. (GM.XX) is projected to earn 95 cents a share
in the third quarter.
Southwest Airlines Co. (LUV) is expected to report third-quarter
earnings of 53 cents a share.
After the bell, Amazon.com Inc. (AMZN) and Microsoft Corp.
(MSFT) will release financial reports.
Other markets: In Asia overnight, stocks in Tokyo and Hong Kong
finished modestly lower. European stocks hovered around the
flatline. Gold futures (GCZ4) fell and oil prices (CLZ4) were
flat.
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