Stocks poised for early gain on China data

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NEW YORK (CNNMoney)

U.S. stock futures were modestly higher ahead of the opening bell.

Chinese factory activity hit a 7-month high in October, helping European stocks advance in morning trade.

Investors will also get updates on the U.S. economy Thursday, with the government's weekly report on initial jobless claims due at 8:30 a.m. ET, and Census Bureau data on new home sales at 10 a.m. ET.

A big day for earnings: Ford (F, Fortune 500) shares rallied after the automaker raised guidance and released quarterly earnings and revenue that topped forecasts.

On the downside, shares of Symantec (SYMC, Fortune 500) got hammered after the company reported earnings and sales that fell short of estimates, and slashed its guidance. Dow Chemical (DOW, Fortune 500) shares were also under pressure after the company's earnings fell short.

Microsoft (MSFT, Fortune 500), Zynga (ZNGA) and Amazon (AMZN, Fortune 500) are up in the afternoon.

Related: Fear & Greed Index: still greedy

U.S. stocks fell slightly Wednesday, coming off record highs as a dour outlook from Caterpillar (CAT, Fortune 500) knocked sentiment.

Asian markets ended mixed, with the Nikkei adding 0.4% as corporate earnings rolled in. Rising money market rates in China put a pinch on the Shanghai Composite, which declined 0.9%. Hong Kong's Hang Seng lost 0.7%.

First Published: October 24, 2013: 5:08 AM ET

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