MARKET SNAPSHOT: U.S. Stocks: Futures Higher After Strong Earnings

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market was set to open slightly higher on Wednesday, as strong earnings from Boeing Co. and PepsiCo Inc. helped push the main benchmarks toward record levels.

Futures showed little reaction to news that two Ukrainian fighter jets were shot down Wednesday near where Malaysia Airlines Flight MH17 was downed.

Futures for the Dow Jones Industrial Average (DJU4) rose 11points to 17,044, while those for the S&P 500 index (SPU4) were up 3.2 points to 1,978.10. Futures for the Nasdaq-100 index (NDU4) gained 12.50 points to 3,963.00.

The data calendar is empty for Wednesday, leaving investors to fix their attention on corporate earnings. Boeing (BA) climbed 1.7% in premarket trade after the plane manufacturer lifted its core earnings-per-share outlook for 2014.

PepsiCo (PEP) picked up 2% ahead of the bell after the company's second-quarter profit beat estimates and it lifted earnings guidance.

Delta Air Lines Inc. shares (DAL) climbed 2.2% after the company's second-quarter profit jumped 17%, driven by higher passenger and operating revenue.

Whirlpool Corp.(WHR) posted weaker-than-expected earnings, and shares slid 5% in premarket trade.

Investors also reacted to big tech earnings that came late Tuesday. Apple (AAPL) shares inched up in premarket action after earnings that topped expectations. Also read: 5 reasons why Apple shares could rise another 16% this year.

Microsoft shares climbed 1.4% ahead of the market open after an analyst's upgrade. The company late Tuesday reported a 7.1% fall in quarterly profit, disappointing Wall Street forecasters, as it took a financial hit from the purchase of Nokia Corp's (NOK) cellphone unit.

After the close, earnings from Facebook Inc. (FB) and AT&T Inc. (T) will be among the highlights. (Read more about the day's notable movers here: http://www.marketwatch.com/story/apple-intuitive-surgical-among-stocks-to-watch-2014-07-23.)

Stock futures were building on Tuesday's gains. The S&P 500 (SPX) finished up 0.5%, to 1,983.56, just shy of its record closing level reached July 3.

Among other markets, the Stoxx Europe 600 index edged up 0.3% Wednesday, while Asia also logged a mostly-higher finish.

Crude oil prices (CLU4) rose ahead of key supply data, while gold prices (GCU4) edged up slightly. The dollar rose against the British pound (GBPUSD)(GBPUSD) after minutes from the Bank of England's July meeting showed all members voted to keep monetary policy loose.

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