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Stock Market Today: Futures Higher as Market Builds Up for Further Climb

Tickers in this article: BHP CSCO DIA JCP KO MNST QQQ SPY

NEW YORK (TheStreet) -- The expected stock market correction remains elusive. 

U.S. stock futures were looking at a fifth day of gains out of six on Friday, as the U.S. economy appears to be on track for a solid, sustained recovery. The eurozone shrugged off bad economic news that's been offset by hopes of more central bank stimulus, and geopolitical tensions eased a bit.

S&P 500 futures were rising 4.75 points, or 6.82 points above fair value, to 1,958.25. The index is now down just 1.82% from its July 24 all-time intraday high after last Thursday's relatively shallow pullback of 3.9%, and is poised to break its 50-day moving average level to rise even further. Dow Jones Industrial Average futures were gaining 44 points, or 52.42 points above fair value, to 16,726. Nasdaq futures were tacking on 13.3 points, or 15.49 points above fair value, to 3,981.3.

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"The tide appears to have turned in the short-run and markets are seemingly bullish again," said Phillip Futures investment analyst Howie Lee.

U.S. stock markets rallied into the close Thursday, with the tech sector advancing despite the fallout from Cisco's downsizing plans.

European and Asian markets seemed intent on ignoring geopolitics this morning and focused instead on interest rates. The assumption is that weak economies and signs of incipient inflation will force central banks to continue keeping borrowing costs low.

Read More: European Stocks Have Glass Half Full After Volatile Week

Some data came in ahead of the open. U.S. producer prices rose 0.1% in July as expected, while the Empire State Manufacturing Index slid back in August but after a substantial gain in July. The U.S. economic calendar also includes July industrial production and capacity utilization figures at 9:15 a.m. and the August University of Michigan Consumer Sentiment Index at 9:55 a.m.

In Friday's top corporate headlines, the world's largest soda-maker Coca-Cola is paying $2.2 billion in cash for a 16.7% stake in energy-drink upstart Monster Beverage . Coca-Cola shares were up 1.82% to $40.91 in premarket trading, while Monster Beverage shares were surging 25.28% to $89.81.

Metals and mining company BHP Billiton was adding on 2.04% to $72.60 after it said that it was planning a demerger of its aluminum, nickel and manganese assets, potentially creating a $14 billion spinoff company. J.C. Penney shares were higher by 2.26% to $9.96 as the retailer beat estimates in its earnings report Thursday after the bell.

Read More: Stock Market Story: Tech Rallies Despite Cisco 

--By Andrea Tse in New York

Follow @AndreaTTse