NEW YORK (CNNMoney.com) - U.S. stocks were set to open higher Thursday after a stronger-than-expected housing starts report and some solid tech earnings reports.

U.S. stock futures were slightly higher.

The government said housing starts to the highest annual rate since March 1973, at 2.28 million. They were well above analysts' estimates of 2.02 million. Building permits rallied as well.

After the close Wednesday, Hewlett Packard (Research) beat both revenue and earnings forecasts, although its new sales guidance wasn't quite as strong as some analysts had hoped. Still the news sent shares of the Dow component up nearly 4 percent in after-hours trading.

Applied Materials (Research), which makes equipment used to manufacture computer chips, also posted results that beat forecasts and gave strong sales and profit guidance for the current period. Its shares gained 2.5 percent in after-hours trading.

After the close Thursday, HP competitor Dell (Research) is set to report its results. The computer maker has given disappointing sales guidance the last two quarters, although analysts are looking for increased sales and profits in its fiscal fourth quarter. Shares of Dell edged higher in after-hours trading following the HP report.

Federal Reserve Chairman Ben Bernanke said in Congressional testimony Wednesday that a slowing housing market was one of the risks to economic growth, although he expected housing to remain strong. Bernanke gives a second day of testimony, this time to the Senate Banking Committee Thursday, when he will repeat his prepared remarks in which he said he saw more Fed rate hikes ahead.

Oil prices were higher after prices fell sharply Wednesday on a report showing larger than expected fuel inventories. The March light crude futures contract for NYMEX gained 60 cents to $58.25 a barrel in electronic trading, while the April contract for Brent crude rose 33 cents to $58.48.

Major markets inAsia closed mostly higher Thursday and major European markets were up slightly in early trading, although Germany's Dax was essentially flat after DaimlerChrysler (Research) posted increased earnings but gave guidance that was less optimistic than hoped.

Treasury prices were little changed at 4.60 percent. The dollar was higher against the euro and the yen.

In other corporate news, the Wall Street Journal reported Thursday that a bid by Cerberus Capital Management and Citigroup's (Research) private-equity arm is the leading contender to buy a majority stake in GMAC, the finance arm of embattled automaker General Motors (Research). The paper said that GM negotiators are spending most of their time with that group, although a joint bid by Kohlberg Kravis Roberts & Co. and Wachovia Corp. (Research) isn't over yet.

For a more detailed look at the markets before the open, click here.