Stocks get a boost from earnings, China

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NEW YORK (CNNMoney)

U.S. stock futures were moving higher after a set of positive earnings and better-than-expected Chinese GDP data boosted investor sentiment.

Yahoo (YHOO, Fortune 500) gained 7.8% in premarket trading after the company posted earnings and sales that came in slightly ahead of expectations.

China's economy grew by 7.4% in the first quarter, compared to the same period last year. While the world's second biggest economy continues to slow, the figure was slightly stronger than most economists were expecting.

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Earnings season is in full swing, with Google (GOOGL), IBM (IBM, Fortune 500) and American Express (AXP, Fortune 500) reporting in the afternoon. Several banks will report this morning, including Bank of America (BAC, Fortune 500) and PNC (PNC, Fortune 500).

Credit Suisse (CS) released quarterly results showing profit dropped by 34% compared to last year. Investors were unimpressed by the performance and shares fell by nearly 2% in Zurich.

But shares in London-traded Burberry (BBRYF) were outpacing the broader European market -- rising by 1.3% -- after the latest set of earnings met market expectations.

Aside from earnings, Chinese Internet giant Weibo is expected to price its initial public offering after the closing bell on Wednesday. The social media powerhouse, sometimes referred to as China's Twitter, is expected to sell about $380 million in stock, putting its value at about $4 billion. This is the latest in a string of IPOs in the U.S.

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Investors will also be watching the latest Federal Reserve developments Wednesday.

Fed chief Janet Yellen is scheduled speak at the Economic Club of New York. The central bank will also release its latest Beige Book, a survey of economic conditions, at 2 p.m. ET. The prior release, in March, noted how the cold winter hit the economy.

Meanwhile, at 8:30 a.m., the U.S. government will release data on the number of housing starts and building permits issued in March, giving investors insight into the health of the U.S. housing market.

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U.S. stocks finished higher Tuesday. The Dow Jones industrial average closed up for its fifth consecutive Tuesday. Stocks markets have been highly volatile over the last few weeks.

European markets were all rising in morning trading. The biggest gainer was the Dax index in Germany, which was up by 1%. London's main index was pushing up by 0.4%, with investors cheering data showing the U.K. unemployment rate fell to 6.9%.

Nearly all Asian markets ended with gains. The Nikkei in Japan surged by 3%.

First Published: April 16, 2014: 5:24 AM ET

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