US STOCKS-Futures climb on solid earnings, data on tap

                                

                                
 * UPS, 3M, Caterpillar post robust results
                                
 * Initial claims, housing data due
                                
 * Indexes up: Dow 92 pts, S&P 12.1 pts, Nasdaq 17 pts
                                
 * For up-to-the-minute market news see [STXNEWS/US]
                                
 By Chuck Mikolajczak
                                
 NEW YORK, July 22 (Reuters) - U.S. stock index futures rose
on Thursday, pointing to a rebound from Wednesday's sell-off
after Caterpillar, UPS and 3M all posted strong results, easing
some concerns about slowing growth.
                                
 Caterpillar Inc <CAT.N> rose nearly 1 percent to $67.38
after it reported a better-than-expected quarterly profit and
raised its full-year outlook, citing strong sales growth in
emerging markets. For details, see [ID:nN22131006]
                                
 Diversified manufacturer 3M Co <MMM.N> said profit jumped
43 percent, topping estimates on strong demand in emerging
markets. The stock rose 1.5 percent to $83.55. [ID:nN22220690]
                                
 Shipping group United Parcel Service Inc <UPS.N>,
considered an economic bellwether, advanced 4.2 percent to
$62.50 after reporting sharply higher earnings.
[ID:nN21172096]
                                
 "The fact that the earnings picture today is on balance,
better than we've seen over the past couple of days, we are
clearly going to focus on that," said Arthur Hogan, chief
market analyst, Jefferies & Co in Boston.
                                
 Weekly jobless claims are due at 8:30 a.m. EDT [1230 GMT],
and the Conference Board's leading indicators and existing home
sales are both due at 10 a.m. EDT. [1400 GMT]
                                
 "We've had a tug of war between soft economic data and
better-than-expected earnings," added Hogan. "On the days the
economic data stream is worse than soft, the market is less
than constructive. On the days when earnings outpower the
economic data stream, then the market gets constructive."
                                
 S&P 500 futures <SPc1> gained 12.1 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> jumped 92
points, and Nasdaq 100 futures <NDc1> advanced 17 points.
                                
 Initial claims are expected at 445,000 versus last week's
429,000. June existing home sales are expected at 5.18 million
versus 5.66 million in May. Leading indicators are expected to
fall 0.3 percent for June against a 0.4 percent gain in May.
                                
 AT&T Inc <T.N> climbed 1.1 percent to $25.20 after its
profit topped estimates and it raised its forecast.
[ID:nN22162854]
                                
 After the closing bell on Wednesday, Qualcomm Inc's
<QCOM.O> profit beat estimates and the cellphone chip supplier
boosted its full-year forecast, while eBay Inc's <EBAY.O>
profit topped expectations, helped by a record performance at
its PayPal unit and strong European sales. For details, see
[ID:nN21138547] and [ID:nN21115068]
                                
 Qualcomm shares jumped 5 percent to $37.92 in premarket
trade and eBay added 3.7 percent to $20.91.
                                
 European shares rose Thursday, reversing earlier falls as
banks gained ahead of the sector's stress tests results on
Friday. [ID:nLDE66L0E5]
                                
 The yen neared a 7-1/2-month high and Asian stocks slid
Thursday after U.S. Federal Reserve Chairman Ben Bernanke said
the economy faced "unusually uncertain"
prospects.[ID:nLDE66L09L]
                                
 On Wednesday, stocks fell after Bernanke's comments.
  (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)