US stock index futures slightly increased amid corporate earnings season

U.S. stock-index futures were little changed after yesterday record high levels as a report showed China’s economy accelerated for the first time in three quarters and amid companies releases of their third quarter earnings.

S&P 500 futures expiring in December added 0.1% to 1,729.5 at 7:48 a.m. in New York. The gauge yesterday closed at a record of 1,733.15 as speculation grew that the Federal Reserve will maintain its rate of asset purchases after Congress ended the budget standoff. Future contracts on the Dow Jones Industrial Average rose 20 points, or 0.1%, to 15,316 today.

“The sentiment in the market today is one of mild relief and back to business as usual. In spite of very few actually believing the U.S. would default on its debt, most money managers had at least worked hard to prepare for the event. Now, the market is getting back to pricing in future value and observing performance,” said David White, trader at Spreadex, in a note on Friday, cited by the Wall Street Journal.

In corporate news, Google gained 8.3% to $963 in pre-trade. Revenue, excluding sales passed on to partner sites, of $11.92 billion exceeded the average analyst estimate for $11.64 billion. Profit excluding certain items amounted to $10.74 a share, beating the $10.36 average projection of analysts. Net income rose 36% to $2.97 billion from the year-earlier period.

General Electric Co. soared 0.5% to $24.80 in New York after the company posted third-quarter adjusted earnings per share of 36 cents. That exceeded analysts estimates.

Verizon Communications Inc. added 1% to $49.40 after Deutsche Bank AG upgraded the co-owner of the largest U.S. wireless carrier to “buy” from “hold” rating. The company yesterday reported third-quarter profit that beat analysts’ estimates.

Morgan Stanley could release its latest quarterly results later today. It’s the last of the six large banks to report and is forecast to post third-quarter profit of 40 cents a share. Analysts at Citi earlier this month cut Morgan Stanley’s earnings outlook by 5 cents a share to 40 cents on lower core trading revenue, particularly from its fixed-income unit.