Stocks headed for a higher open on Thursday as a surprise profit from Alcoa Inc
Reassuring monthly sales from major U.S. retailers, including Target Corp
Here we are going into the earnings, and we love to hear all this better than expected, said Frank Lesh, futures analyst and broker at FuturePath Trading LLC in Chicago. Claims were good. It's the right direction.
S&P 500 futures rose 9.3 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 gained 73 points, and Nasdaq 100 futures added 12.50 points.
Shares of Alcoa Inc
In other earnings news, PepsiCo Inc
The rise in index futures suggested Wall Street would open up nearly 1 percent, following gains in Asian stocks overnight and a rise of about 1 percent in European issues.
Gold prices rallied to a record for a third successive session on persistent weakness in the U.S. dollar. Spot gold touched a record of $1,058.20 an ounce and lifted silver and palladium.
(Reporting by Ellis Mnyandu; additional reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)