US pre-open: Stocks seen higher as Morgan Stanley impresses

US futures pointed to a firmer open on Wall Street with earnings from Microsoft and Morgan Stanley likely to underpin the mood.

CMC Markets’ Jasper Lawler said: “US stocks look set for a higher open with Nasdaq leading the charged encouraged by stronger earnings from Microsoft, one of the index’s largest components. Microsoft’s cloud business is going from strength to strength, offsetting the tech company’s attachment to the declining PC market.”

At 1230 BST, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all up 0.3%.

At the same time, oil prices were little changed, with West Texas Intermediate down 0.1% to $44.59 a barrel and Brent crude flat at $46.67.

Morgan Stanley shares rallied after the bank’s second-quarter numbers comfortably beat expectations, with earnings per share of 75 cents and revenue of $8.9bn. Earnings already out this week from JPMorgan, Citigroup and Goldman Sachs have all topped estimates.

Microsoft was also a high riser as results released late on Tuesday surpassed estimates, with fourth-quarter earnings per share of 69 cents and revenue of $22.64bn.

Oilfield services company Halliburton edged higher after stronger-than-expected second-quarter results.

Tupperware bucked the trend, however, down just under 1% after it said second-quarter earnings and revenue fell compared to a year earlier, although the numbers were in line with analysts’ forecasts.

Intel, American Express and eBay are slated to report after the closing bell.

In currency markets, the dollar was down 0.5% against the pound, flat against the euro and 0.5% stronger versus the yen.