No Wall St. blues from Big Blue

LONDON (CNNMoney.com) -- Stocks were poised for a recovery Thursday as encouraging results from tech bellwether IBM helped offset concerns sparked by Federal Reserve Chairman Ben Bernanke.

At 8:10 a.m. ET, futures were higher, with a comparison to fair value pointing to gains at the market open for U.S. stocks.

IBM (Charts, Fortune 500) posted upbeat results late Wednesday on strength in software and services. The company also raised its profit forecast for the year, helping to boost sentiment and sending its shares up 3.5 percent in premarket trading.

But trading could be choppy Thursday as Bernanke heads back to Capitol Hill for his second day of testimony.

Stocks fell Wednesday after the Fed chief warned about inflation risks and deepening problems in the housing sector.

In addition to Bernanke's testimony, investors will have the minutes from the Fed's June 28 meeting to digest. That release is slated for 2 p.m. ET.

On the earnings front, online auctioneer eBay (Charts, Fortune 500) reported strong quarterly sales and earnings after the market close Wednesday.

The reporting deluge continued Thursday with Bank of America (Charts, Fortune 500) reporting results ahead of Wall Street's estimates.

Cell phone maker Motorola (Charts, Fortune 500) posted a quarterly loss and said its revenue fell due to weak phone sales.

Google (Charts, Fortune 500) and Microsoft (Charts, Fortune 500) are among the companies due to report after the market close.

In major corporate news, PepsiCo (Charts, Fortune 500) and Swiss food giant Nestle explored merger talks earlier this year, although a number of complications got in the way of any deal, according to a report in the Wall Street Journal.

Oil prices gained. U.S. light crude for August delivery added 50 cents to $75.55 a barrel in electronic trading.

Treasury prices eased after climbing Wednesday. The yield on the benchmark 10-year note rose to 5.04 percent from 5.03 percent late Wednesday.

The dollar remained near a record low against the euro and was up a tad against the Japanese yen.

In global trade, European stocks rallied in morning trade, and Asian markets mostly rose.