NEW YORK ( TheStreet) -- Stock futures were pointing to a higher open on Wall Street Wednesday as Apple
and other bellwether stocks climbed as earnings beat forecasts and the Eurozone economy appeared to be emerging from a recession.
Futures for the S&P 500 were adding 4.5 points, or 5.61 points above fair value, to 1,692.75, signaling a rebound after snapping a four-day winning streak the prior session.
"The earning season thus far is not disappointing while the economic news remains in natural gear; two basic ingredients which we think will keep the bull in charge," Peter Cardillo, chief market economist at Rockwell Global Capital in New York said in an emailed comment. "We see intraday corrections leading the S&P to the 1,735 level next month as the summer rally continues."
Futures for the Dow Jones Industrial Average were rising 27 points, or 35.26 points above fair value, to 15,540. Futures for the Nasdaq were gaining 28.25 points, or 29.75 points above fair value, to 3,054.25.
shares were advancing more than 4.5% to $439 in premarket trading after the tech giant reported third-quarter earnings that beat Wall Street expectations, as the company sold 31.2 million iPhones during the period. Apple earned $7.47 a share on revenue of $35.3 billion in its fiscal third quarter. Analysts were expecting profit of $7.32 a share in sales of $35.01 billion.
Boeing was tacking on 2.22% to $110.18 after the aerospace manufacturer beat Wall Street estimates as commercial aircraft deliveries rose. Boeing increased its full-year core earnings guidance to between $6.20 and $6.40 a share and increased its revenue guidance to between $83 billion and $86 billion. Analysts had been estimating $6.51 a share and revenue of $84.1 billion.
Ford was popping more than 3% to $17.48 after the automaker reported second-quarter improvements in every business unit and profits everywhere but Europe. The automaker said it earned $1.2 billion, or 30 cents a share, in line with estimates. Revenue rose 14% to $38.1 billion. Analysts surveyed by Thomson Reuters had estimated $35.2 billion.
Caterpillar was slipping 1.06% to $84.61 after the heavy machinery maker disappointed with its full-year outlook after posting second-quarter earnings that fell far short of expectations of $1.70 a share at $1.45 a share; revenues were also a disappointment amid $1 billion of dealer machine inventory reductions.
Facebook was gaining 0.73% to $26.32. The social networking giant is expected to post after Wednesday's closing bell second-quarter earnings of 14 cents a share on revenue of $1.62 billion. Investors will be focused Wednesday on signs that Facebook can keep growing advertising revenue, especially on mobile devices.
Credit card company Visa is expected by Wall Street to earn $1.79 a share in its fiscal third quarter on revenue of $2.89 billion. The company reports after the markets close. Shares were up 0.69% to $189.89.