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Stock Futures Rise as European Markets Hit 5-Year High

Tickers in this article: ING RL TSLA TWX WFM ^DJI ^GSPC ^IXIC

NEW YORK (TheStreet) -- U.S. stocks were set to open higher Wednesday as European markets hit a five-year high amid speculation of further easing moves from the region's central bank.
 
S&P 500 futures were rising 8.28 over fair value to 1,757.72 while Dow Jones Industrial Average futures were up 71.78 over fair value to 15,551.22. Nasdaq futures were gaining 11.88 over fair value to 3,381.62.
 
The Stoxx Europe 600 Index was up 0.6% to its highest level since May 2008 as companies including Vestas Wind Systems and ING Groep boosted full-year profit forecasts and beat on earnings. Sluggish economic data from Europe has increased speculation the European Central Bank may provide further easing measures. U.S. markets closed mostly lower Tuesday as investors anticipate crucial jobs and economic growth figures this week.
 
Companies expected to see price movement in early trade include Tesla Motors . The electric car maker beat Wall Street's estimates for third-quarter earnings after market close Tuesday but disappointed on deliveries. Its shares dropped 9% after-hours Tuesday and were off 10.37% to $158.40 in premarket trade.
 
Abercrombie & Fitch stock also lost ground after the retailer announced a 14% drop in same-store sales while total sales slipped 12% to $1.03 billion in the third quarter. Its shares were off 7.33% to $35.50 in after-hours trade.
 
Companies reporting Wednesday include Time Warner which is projected to post third-quarter earnings of 89 cents a share, while Ralph Lauren is forecast to announce earnings of $2.20 a share.
 
Whole Foods Market is projected to report fiscal fourth-quarter earnings of 31 cents a share, with analysts suggesting the company is well-placed for expansion.
 
The most anticipated tech float of the year, Twitter, will price Wednesday before its shares begin trading on the New York Stock Exchange on Thursday. Twitter raised pricing on its IPO to between $23 to $25 a share on Monday, with speculation that pricing could move even higher.
 
The economic calendar is light as investors look ahead to GDP and jobless claims later this week. The EIA Petroleum Status Report at 10.30 a.m. EST will be watched for information on petroleum inventories, which help determine prices in the U.S.
 
Global markets were mostly higher amid solid corporate earnings. The Hang Seng closed down 0.01% to 23,036.94 while the Nikkei was up 0.79% to 14,337.31. Germany's DAX was rising 0.45% to 9,049.27 while the FTSE was gaining 0.13% to 6,755.80.
 
December oil futures were rising 0.74% to $94.11 while gold futures were up 5.5 to $1313.5. The US dollar was falling 0.27% to $80.48 while the yield on ten year Treasuries were rising 4/32 to 2.66 according to the U.S. dollar index.
 
A GDP report Thursday is expected to show the U.S. economy grew 2% annualized in the third quarter, down from 2.5% in the prior three months. Payroll figures on Friday are expected to rise by 120,000 in October, with the jobless rate increasing to 7.3% from 7.2%.
 
By Jane Searle in New York