US STOCKS-Futures gain on earnings, China data

* Caterpillar rises as profit beats estimates

* EBay, Netflix jump premarket after quarterly results

* Initial jobless claims fall more than forecast

* Futures up: Dow 37 pts, S&P 3.9 pts, Nasdaq 9.75 pts

* For up-to-the-minute market news see [STXNEWS/US]
(Updates prices, adds claims data)

By Rodrigo Campos

NEW YORK, Oct 21 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) were set to rise
at the open on Thursday, bolstered by strong corporate
earnings, including Caterpillar, and reassuring data from
China.

China’s growth ebbed in the third quarter while inflation
edged a touch higher, showing the world’s No. 2 economy was
still an engine for global growth and suggesting a recent
interest rate rise may be enough for now. For details see
[ID:nTOE69K00X]

Futures pared some gains as the U.S. dollar strengthened
against the euro. The strong inverse correlation between the
greenback and equities continued, with the 30-day correlation
between the S&P 500 and the dollar index (Read more about the global trade. ) (.DXY: ) at -0.92. A
reading of -1 indicates a perfect inverse correlation.

Earnings remained in the spotlight, with Caterpillar Inc
(CAT.N: ) reporting strong quarterly earnings and raising its
full-year revenue forecast. Shares of the heavy equipment maker
were up 0.7 percent at $80.40 in premarket trading.
[ID:nN18273532]

“Earnings continue to impress, and S&P futures are trading
technically very positive, well above key support,” said John
Brady, senior vice president at MF Global in Chicago. “It’s a
lower dollar trade, and as the dollar trades lower, risk assets
will do well.”

S&P 500 futures (SPc1: ) rose 3.9 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) gained 37
points, and Nasdaq 100 futures (NDc1: ) added 9.75 points.

In premarket trading, online auctioneer eBay Inc (EBAY.O: )
rose 7.6 percent at $27.60, and Netflix Inc (NFLX.O: ), the DVD
rental and movie streaming service, advanced 11.4 percent at
$170.57. Both reported upbeat quarterly results late Wednesday.
[ID:nN20228251] and [ID:nN20229905].

New U.S. claims for unemployment benefits fell more than
expected last week, government data showed. [ID:nN21275986]

At 10 a.m. EDT (1400 GMT) both the Index of Leading
Economic Indicators for September and the Philadelphia Federal
Reserve Bank’s October business index are due.

Wall Street bounced back Wednesday as a fall in the dollar
spurred buying in industrial and commodity-linked shares, while
another batch of strong corporate earnings added to gains.
(Editing by Jeffrey Benkoe)

US STOCKS-Futures gain on earnings, China data