Stock Market Today: Futures Advance Is Supported by Upbeat Earnings

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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.

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"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 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 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 , 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 said second-quarter earnings fell as customers moved to cheaper cellphone plans. Chipmaker Qualcomm said fiscal third-quarter net income rose 42%, topping expectations, but guidance for the fourth quarter came in below forecasts. Caterpillar 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 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.