US futures rising as earnings season progresses

U.S. stock futures are following global markets higher as earnings from major corporations dispel fears of a sharp downturn in the economy.

While some financial companies are still struggling, including Morgan Stanley which posted a sizeable decline in revenue for its second quarter, airlines and tech companies are faring well given the slow economic rebound.

Dow Jones industrial average futures are up 55 points to 12,915. Standard & Poor's 500 futures are up 5.6 points to 1,372.90 and Nasdaq futures have tacked on 14 points to 2,634.

IBM posted a 6 percent jump in profit Wednesday. Southwest Airlines said Thursday that its profit soared 42 percent.

The government is expected to report more positive data on the housing market Thursday, with an uptick in the sale of previously occupied homes.