Dow futures rise more than 100 points as investors digest corporate

Stock futures rose slightly on Thursday as traders weighed several key earnings reports.

Dow Jones Industrial Average futures rose 161 points, or 0.5%. S&P 500 futures gained more than 0.3%, and Nasdaq 100 futures ticked up 0.1%.

Several strong earnings reports were boosting the market, with AT&T, American Airlines and IBM all moving higher in premarket trading after beating estimates on the top and bottom lines for their most recent quarter.

On the downside, Tesla shares dropped 4% in premarket trading after the electric vehicle maker said Wednesday evening it expects to miss its 2022 deliveries target. The company also posted a quarterly revenue that missed analyst expectations.

Meanwhile, the benchmark 10-year Treasury yield reached a high of 4.18% on Thursday, briefly trading at levels not seen since 2008. It was last flat for the session near 4.13%. Rising rates have been a headwind for stocks all year, as the Federal Reserve continues to try and cool off inflationary pressures not seen in decades.

“We’re in this position where the Fed is in control,” Bryn Talkington, managing partner at Requisite Capital Management, said Wednesday on CNBC’s “Closing Bell: Overtime.” “The 2-year leads the Fed, and as long as the 2-year continues to go higher, we will not make a bottom in stocks, and the equity rally will not continue.”

Wall Street is coming off a down session, with the major averages snapping a two-day winning streak though all three indexes remain on track for a positive week. The Dow declined 99.99 points, or 0.33%. The Nasdaq Composite fell 0.85%, while the S&P 500 slid 0.67%.

On the economic front, the Philadelphia Fed manufacturing survey and the weekly jobless claims data are expected Thursday before the bell.