Off early highs, S&P 500 futures rose 2.6 points to 999.70 and Nasdaq 100 futures were up three-quarters of a point to 1,599.50. Futures on the Dow Jones Industrial Average rose 11 points.
Led higher by energy plays after an unexpected drop in U.S. inventories, U.S. stocks closed higher on Wednesday. The Dow Jones Industrial Average rose 61 points after dropping early in the session, the S&P 500 rose 6 points and the Nasdaq Composite tacked on 13 points.
Commodity plays also led the way in Asia, where the Shanghai Composite closed 4.5% higher after entering a bear market on Wednesday.
Worries about China, whose demand is seen as helping the global economy climb out of recession, have contributed to a decline in the S&P 500 this week.
"It is worth noting that Chinese equities performance has been a leading indicator of developed markets performance over the last six months. As a result concerns have risen that Western markets are set to follow suit with an aggressive move lower," said Edward Keeling, an analyst at Dolmen Stockbrokers in Dublin, in a note to clients.
He said the way to go is to use pullbacks to build long-term positions in selected stocks.
"We don't believe the rising tide will raise all boats as such and we are placing a lot of emphasis on individual stock selection," Keeling said.
Also on tap for Thursday will be weekly jobless claims, leading indicators for July and the Philadelphia Fed survey for August.
Of stocks in the spotlight, Sears Holdings (SHLD 67.88, -5.88, -7.97%) fell 4% in pre-market trade as the retail operator reported a surprise loss for the second quarter as sales at both Sears and Kmart stores dropped.
PetSmart (PETM 19.97, -2.60, -11.52%) dropped nearly 10% after cutting its annual earnings outlook.
October-dated oil futures slipped 57 cents to $73.25 a barrel while the dollar was slightly higher vs. the yen.
