US stock index futures soared awaiting US jobless claims data

U.S. stock-index futures advanced, indicating the Standard & Poor’s 500 Index will raise from three days of losses, after China’s exports and imports increased more than estimated in July as investors also focused on upcoming job data.

Futures on the S&P 500 expiring in September climbed 0.4% to 1,694.8 at 8:00 a.m. in New York. The index has declined 1.1% over the past three days amid growing speculation the Federal Reserve will reduce bond purchases this September as the economy strengthens. Contracts on the Dow Jones Industrial Average increased 38 points, or 0.25 %, to 15,526 today.

Today’s data “could be a sign that we see some stabilization in Chinese activity,” said to Bloomberg Patrick Moonen, who is a senior strategist at ING Investment Management in The Hague. “I don’t think the U.S. equity market is only a matter of monetary policy. As the economy recovers, the earnings backdrop will become the most important element.” Moonen added.

U.S. initial jobless claims climbed to 335,000 last week from 326,000 in the previous period, according to economists predictions before a Labor Department report at 8:30 a.m. in Washington.
Gains in stocks this year have also been underlined by better-than-expected earnings. Of the 435 companies in the S&P 500 to have reported quarterly earnings this period, 72% have exceeded analysts’ profit estimates and 56% have beaten sales projections, data compiled by Bloomberg show.

In corporate news, Tesla, the electric-car company led by entrepreneur Elon Musk, added another 14% to $152.56. The company reported second-quarter operating profit of 20 cents a share, including 15 cents related to a leasing program. Results exceeded the average of 10 analysts’ estimates for a 20-cent loss. On its operating basis, Tesla said it will make money all year.

Groupon won 25% to $10.90. The operator of the largest daily-deals website posted a second-quarter net loss of $7.57 million, or 1 cent a share, compared with the 3-cent average analyst estimate. The company also named co-founder Eric Lefkofsky as CEO.

Lowe’s Cos., the second-biggest U.S. home-improvement retailer, rose 1% to $44.75 before the official start of trading. JP Morgan Chase & Co. increased its recommendation on the shares to “overweight”, the equivalent of “buy”, from “neutral”, citing “improving execution”.

Shares in Smart Technologies Inc. jumped nearly 50% in pre-market trade after the maker of digital whiteboards reported a surge in fiscal first-quarter profit after Wednesday’s closing bell.