By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- U.S. stock market futures were edging around the flat line on Thursday after a slew of better-than-expected earnings reports from Xerox and others as the market also looks ahead to economic reports to come, as well as strong growth data out of China.
Futures for the S&P 500 were mostly flat at 1,134.10, while those for the Dow Jones Industrial Average were down 14 points at 10,544.
Futures for the Nasdaq 100 were up a half point at 1,867.50.
On Wednesday, the dollar soared while stock markets and commodities took a hit as investors sought safety on fears of rising borrowing costs globally, on worries over a possible cutback in lending by Chinese banks and the hefty price that Greece may have to meet to bolster its troubled economy.
A slew of earnings were driving up selected names in preopen activity. Goldman Sachs (GS 169.80, +2.01, +1.20%) posted a nearly $5 billion profit for the fourth quarter as the company highlighted a tighter compensation ratio. Goldman shares rose 1% in premarket trade.
Fifth Third (FITB 11.92, +0.61, +5.39%) reported a narrower fourth-quarter loss, sending shares up nearly 6%.
Aside from a slew of banks reporting, focus could also fall on the sector after a report in The Wall Street Journal that U.S. President Barack Obama will propose on Thursday new limits on the size of banks and the risks they may take.
Aside from banks, Xerox (XRX 9.01, +0.12, +1.35%) beat forecasts with earnings of 20 cents a share for the fourth quarter as it set a slightly higher-than-expected full-year view. Shares were up around 3%.
A handful of companies that reported late Wednesday were also benefiting in preopen action. Seagate Technology (STX 19.75, +1.99, +11.21%) jumped 11.2% on news it swung to a quarterly profit, while shares of eBay (EBAY 24.40, +2.17, +9.76%) were up 7.5% after better-than-expected quarterly earnings released. Starbucks (SBUX 23.89, +0.60, +2.58%) rose 3.8% in preopen trade after posting a positive reading on same-store sales.
On the downside, shares of navigation device maker Garmin (GRMN 33.20, -2.95, -8.16%) fell over 5% in preopen after Nokia (NOK 13.02, +0.02, +0.15%) said it would provide free navigation on its higher-end mobile phones.
Concerns about Greece's ability to meet its borrowing needs without outside help, along with a fresh warning on Portugal's budget situation, helped pushed the euro to another five-month low versus the dollar and dented Greek stocks and bonds. Investors ignore Greece's budget reassurances
Gold futures were slipping, down $9.30 to $1,103.50 an ounce, while crude oil futures were up 13 cents at $77.86 a barrel.
Asia markets saw a muted reaction overnight, closing marginally lower, after data showing China's economy expanded 10.7% in the fourth quarter, slightly ahead of expectations and fuelling worries over further tightening measures. China's consumer-price index rose 1.9% in December, while the monthly producer-price index also ended a year-long declining trend to grow 1.7%, with both well above forecasts.
Economic data scheduled in the U.S. for Thursday includes weekly jobless claims, due at 8:30 a.m. Eastern, and December leading indicators and the January Philly Fed survey, due at 10.
