MARKET SNAPSHOT: U.S. Stocks: Futures Track Global Gains; Boeing Ahead

By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- Wall Street stocks were set to open modestly higher on Wednesday, underpinned by positive performances out of global stocks, though earnings will remain in focus for U.S. investors, with Boeing Co. and PepsiCo Inc. ahead.

Reaction to results late Tuesday from Apple Inc. and Microsoft Corp. could also be seen in the premarket trading hours.

Futures for the Dow Jones Industrial Average (DJU4) rose 26 points to 17,059, 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 6 points to 3,956.50.

The data calendar is empty for Wednesday, leaving investors to fix their attention on corporate earnings. Ahead of the market's open, Boeing (BA) is expected to post second-quarter earnings of $2 per share. Delta Air Lines Inc. (DAL), PepsiCo (PEP) and Whirlpool Corp. (WHR) are also lined up for pre-open results.

After the close, earnings from Facebook Inc. (FB)(FB) and AT&T Inc. (T) will be among the highlights.

Investors may see reaction to big tech earnings that came late Tuesday. Apple (AAPL) posted a fall in iPad sales, which weighed on shares in late trading despite the fact the company reported better-than-expected quarterly results and strong iPhone sales. Read: Apple gets patent for wearable watch dubbed the iTime

Microsoft 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.

Stock futures appeared to be building on Tuesday's gains for markets. The S&P 500 (SPX) finished up 0.5%, to 1,983.56, just shy of its record closing level reached July 3. The index was boosted by upbeat results from Chipotle Mexican Grill Inc. (CMG) and better-than-expected economic data.

Geopolitical developments remained in the background for markets, but globally, stocks were finding some strength. The Stoxx Europe 600 index edged up 0.2%, while Asia also logged a mostly-higher finish.

A U.S. intelligence official said Tuesday that there is a "solid case it was an SA-11 fired from Eastern Ukraine under conditions created by Russia" that downed a Malaysia Airlines jetliner last week, as officials attempted to counter Russian claims of Ukrainian culpability, The Wall Street Journal reported.

Meanwhile, the Federal Aviation Administration on Tuesday temporarily banned U.S. flights to Tel Aviv after a rocket attack near Ben Gurion International Airport. Read: Bloomberg travels to Israel to protest FAA flight halt

Crude oil prices (CLU4) fell ahead of key supply data, while gold prices edged up slightly. The dollar rose against the British pound (GBPUSD) after minutes from the Bank of England's July meeting showed all members voted to keep monetary policy loose. Gold (GCQ4) was modestly higher.

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