U.S. stock futures extended gains early Wednesday, indicating a higher open for the market after Intel Corp. and Yahoo Inc. reported earnings solidly in line with Wall Street expectations, providing relief for investors who had braced for dour news. Sliding crude oil prices were also providing support for stocks, having stormed to new record highs above $54 a barrel this week, triggering fresh concerns of slower economic growth. U.S. oil prices were down 36 cents to $52.15 in electronic trading. Shares of Accenture Ltd. , one of the world's largest consulting firms, will be eyed after it posted a higher quarterly profit, but forecast earnings for the current quarter slightly below analysts' estimates. U.S. stock futures strengthened throughout the early morning, with S&P 500 futures up 1.4 points, above fair value accounting for dividends, interest rates and time to expiration on the contract.
Dow Jones industrial index futures rose 18 points, while Nasdaq 100 futures were up 9.5 points. "The tech reports overnight have given us a reasonably positive mood here in Europe, said Alex Scott, market strategist at Seven Investment Management in London, adding that he expected the mood to carry over to the U.S. stock market on Wednesday. Scott said he anticipated U.S. stocks to open "modestly higher" due largely to tech shares, despite high oil prices. Shares of Intel, the world's largest computer chip maker, rose 3.3 percent to $20.95 in after-hours trading on Tuesday after the company posted higher third-quarter profits. The company also said it was starting to see progress in fixing its inventory problems. Shares of Internet media company Yahoo rose slightly to $34.25 in after hours trade on Tuesday from a $34.23 close on Nasdaq after the company reported a quarterly profit that more than tripled from the year earlier. The technology sector will look to Apple Computer Inc. and chip equipment maker Novellus Systems for further reassurance when they report after the close on Wednesday. Investors will keep an eye on news from Merck & Co's head of research and a top company lawyer who will hold a briefing about the drugmaker's decision late last month to withdraw its arthritis drug, Vioxx. The advertising sector will tune into earnings from the New York Times Co. before the bell. The newspaper reported on Wednesday that the U.S. Securities and Exchange Commission is seeking information from more than six newspaper companies, including itself, about their circulation practices. The move is part of a probe into inflated sales figures. On Tuesday, the Dow Jones industrial average <.DJI> closed down 0.05 percent at 10,077.18 points, while the technology-laden Nasdaq Composite Index <.IXIC> was off 0.19 percent at 1,925.17 points.///www.reuters.com