US Stock Futures Move Higher

US stock market futures moved higher after Xerox (NYSE: XRX) and a few others delivered better-than-expected earnings reports. The market is also looking forward to economic reports and strong growth data from China. While futures for the S&P 500 gained 3.2 points to 1,137.10, those for the Dow Jones Industrial Average moved up 12 points at 10,569. Meanwhile, NASDAQ 100 futures gained 3.5 points at 1,870.50.

Fresh data from China showed that its economy expanded 10.7% in the fourth quarter, exceeding expectations. This may fuel concerns surrounding China implementing measures to further tighten the markets. The US economic data scheduled to be announced today includes weekly jobless claims, December leading indicators and the January Philly Fed survey.

Higher-than-expected economic growth posted by China drove down most of the Asian stock markets today. Meanwhile, European shares were flat in early trade, with gains in defensive drugmakers mitigated by weakness in banks and miners.