US pre-open: Stocks seen slightly higher as oil prices rebound

US futures pointed to a slightly higher open on Wall Street on Thursday, with energy shares likely to gain as oil prices bounced back from heavy losses in the previous session.

At 1210 BST, Dow Jones Industrial Average futures were up 0.2%, while S&P 500 and Nasdaq futures were 0.3% firmer.

Meanwhile, West Texas Intermediate was up 0.9% to $51.31 a barrel and Brent crude was 1% higher at $53.46. On Wednesday, oil prices tanked after data showed an unexpected 1.5m barrel build in gasoline stocks last week.

SpreadCo analyst David Morrison said: "We’re seeing a bit of a bounce-back in US stock index futures pre-market suggesting modest gains on the open. Partly this is due to a recovery in crude prices which fell sharply yesterday and weighed on US equities. But there’s also some bullishness returning as yields on US Treasuries bounce back and on the expectation that the first quarter earnings should hold up well despite a few negative surprises.

"Investors seem reluctant to push the major indices lower, despite an increase in geopolitical uncertainty and concerns that tighter monetary policy won’t be offset by fiscal stimulus as the Trump administration struggles to push its reforms through Congress. There’s an apparent resilience across Wall Street boosted by the knowledge that buying the dip over the past eight years has been a money-making strategy."

On the corporate front, Philip Morris International was in the red but Blackstone Group was higher in pre-market trade, both after the release of first-quarter results. Meanwhile,Travelers slipped into the red after its first-quarter numbers.

Ebay shares were weaker in pre-market trade after its first-quarter profit and revenue rose but the company said second-quarter profit will be below expectations.

Foot Locker shares were likely to be active after the company cut its full-year earnings per share growth outlook to mid-single digits from double-digit.

Chip designer Qualcomm was on the rise after its second-quarter earnings late on Wednesday beat analysts' estimates.

Earnings were still due ahead of the open from PPG Industries and Verizon Communications. After the close, numbers are due from Visa and Mattel.

On the data front, initial jobless claims are at 1330 BST, along with the Philadelphia Fed manufacturing survey.