Click on chart for more premarket data. LONDON (CNNMoney)
U.S. stock futures were edging higher, suggesting the S&P 500 could test 2,000 points. Here are the six things you need to know before the opening bell rings in New York:
1. Stronger economy: China's factories are motoring again after a dismal start to the year, with a preliminary estimate of manufacturing activity hitting an 18-month high in July. There was good news from Europe too, with a survey of purchasing managers matching a 3-year high seen in April. European markets were mainly firmer, as were most Asian markets, although Japan's Nikkei slipped.
The U.S. government will report weekly jobless claims at 8:30 a.m. ET and new home sales made in June at 10 a.m.
2. Political risks lurk: The big risk for Europe's recovery remains an escalation in the dispute with Russia over Ukraine. EU officials are due to present options for much tougher sanctions Thursday, including measures that could restrict Russia's access to European financial markets, as well as arms and energy technology. France's Technip (TKPPY) said sanctions may hurt its profit margins this year.
Related: Fear & Greed Index
3. GM reports earnings: General Motors (GM) reports earnings before the bell. The company has already warned that the cost of recalls in the second quarter will be at least $700 million.
Ford (F), Dunkin' Donuts (DNKN), Eli Lilly (LLY) and Hershey (HSY) will also report before the bell. Amazon (AMZN, Tech30), Pandora (P), Starbucks (SBUX) and Visa (V) will report after the close.
4. Stock market movers -- Facebook, Qualcomm, AT&T: Facebook (FB, Tech30) shares surged by more than 5% premarket after posting earnings that blew away expectations.
Qualcomm (QCOM, Tech30) shares plunged 5% premarket, with worries over the company's business in China keeping investors on edge. Qualcomm is being investigated under China's anti-monopoly law. The tech firm said in its quarterly report that some clients in the country are "not fully complying with their contractual obligations."
AT&T (T, Tech30) slipped 0.2% premarket after reporting earnings that missed expectations by a penny.
Related: CNNMoney's Tech30
5. Central bank data breach: The European Central Bank said Thursday its public website had been hacked, leading to the theft of email addresses and contact data left by people registering for events at the bank. It said the theft was from a database that was separate to its internal systems and no market sensitive data were compromised.
6. Wednesday market recap: U.S. stocks closed mixed Wednesday. The S&P 500 hit another record high, landing at 1,987. That tops its previous closing record, set on July 3. The Nasdaq also ended higher, but the Dow Jones Industrial Average lost about 27 points.
First Published: July 24, 2014: 5:27 AM ET
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