MARKET SNAPSHOT: U.S. Stocks: Futures Climb; 3M, GM Results On Tap

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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