Stocks on track for early rise
Higher open seen for Wall Street as mood lifts ahead of another batch of earnings.
NEW YORK (CNNMoney.com) -- U.S. stocks appeared set to open higher Thursday although trading could be volatile as investors take in another round of corporate profit reports.
At 9:05 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were higher.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins in New York.
Len Blum, managing director at Westwood Capital LLC, said the U.S. futures are following the gains in overseas markets, and riding a swell from an earnings season that has beat expectations. But, Blum said there is also an undercurrent of "uneasiness."
"I think the markets are happy with earnings reports so far," said Blum. "But there's uneasiness with whether the economy is strong enough to grow the top line. Earnings seem to grow just from cost-cutting."
Wall Street has been volatile recently, as stocks have met resistance after the recent rally. On Wednesday, stocks dipped after a reading on durable goods orders reignited concerns about the economy.
Corporate results: Exxon Mobil (XOM, Fortune 500) reported that second-quarter income was down 66% to $3.95 billion, compared to the year-ago quarter, missing expectations.
The oil giant said that second-quarter earnings were down 64% to 81 cents per share, from the year-ago EPS of $2.22. The company blamed weak energy demand and volatile energy prices.
Cell phone maker Motorola (MOT, Fortune 500) reported second-quarter earnings per share of 1 cent, compared to a flat performance in the year-ago quarter, as sales dropped to $5.5 billion from $8 billion.
Dow Chemical (DOW, Fortune 500) reported a second-quarter loss of 47 cents per share, compared to 81 cents earnings per share in the year-ago quarter. The company cut $375 million in the quarter, and has cut more than $600 million year-to-date, as it undergoes restructuring.
Economy: Investors showed little reaction to the weekly jobless claims report, which increased beyond expectations.
Jobless claims rose 25,000 to a seasonally adjusted 584,000 in the week ended July 25. A consensus of economists surveyed by Briefing.com had projected 575,000 claims.
Ratings upgrade: Goldman Sachs (GS, Fortune 500) on Thursday upgraded its recommendation on General Electric (GE, Fortune 500) to "buy" from "neutral," after legislators seemed to ease their stance on whether the conglomerate should separate itself from GE Capital.
World markets: Asian shares rose on upbeat earnings. Japan's Nikkei and the Hang Seng both finished about 0.5% higher. Major European markets were also in positive territory in midday trading.
Money and oil: The dollar was down slightly versus the euro and the British pound, but was up slightly against the yen. The price of oil rebounded from Wednesday's big selloff, gaining $1.17 a barrel to $64.52. 
