Stock futures rose on Thursday as the latest earnings season got off to a positive start after Alcoa posted a surprise profit and as surging commodity prices underpinned a global equity advance.
Before the bell, shares of Alcoa Inc were up 7 percent at $15.20, a day after the Dow component posted its first profit in a year on cost savings and higher aluminum prices.
S&P 500 futures rose 9.40 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 75 points, and Nasdaq 100 futures added 12.25 points.
Gold prices rallied to a record for a third successive session on persistent weakness in the U.S. dollar. Spot gold touched a record of $1,058.20 an ounce and lifted silver and palladium. U.S. front-month crude jumped nearly 1 percent. On the economic front, the government is due to report weekly jobless claims at 8:30 a.m. EDT.
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