US STOCKS-Futures rise after upbeat Cisco, Walmart earnings

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Futures up: Dow 0.39%, S&P 0.42%, Nasdaq 0.42%

By Amy Caren Daniel
May 16 (Reuters) - U.S. stock index futures rose on
Thursday, as upbeat earnings from Cisco and Walmart overshadowed
concerns over strained trade ties between the United States and
China after Washington blacklisted telecom equipment giant
Huawei.
Cisco Systems Inc CSCO.O gained 3.8% in premarket trading
after its quarterly earnings beat estimates and the company gave
an upbeat sales forecast saying minimal sales exposure to China
and changes to its supply chains have helped cushion the blow of
the trade dispute. Walmart Inc WMT.N rose 2.1%, after the big box retailer's
first-quarter U.S. comparable sales beat analysts' estimates.
The recent escalation in the trade dispute has dented a
strong run in stocks this year, and has put the benchmark index
now about 3% below its all-time high hit just two weeks ago.
China slammed a decision by the U.S. government to
blacklist Huawei HWT.UL and said it will take steps to protect
its companies. Still, U.S. stock indexes posted their second consecutive
session of gains on Tuesday after reports that President Donald
Trump would hold off on tariffs on imported cars and parts, and
on news that the United States would resume trade talks soon in
China.
At 7:09 a.m. ET, Dow e-minis 1YMc1 were up 100 points, or
0.39%. S&P 500 e-minis ESc1 were up 12 points, or 0.42% and
Nasdaq 100 e-minis NQc1 were up 31.25 points, or 0.42%.
First-quarter earnings have been largely positive. Of the
455 S&P 500 companies that have reported results, 75.2% have
beaten profit expectations, according to Refinitiv data.
Analysts now expect first-quarter earnings growth of 1.2%, a
significant turnaround from the 2% loss seen on April 1.
Pacific Gas & Electric Co PCG.N dropped 2% after state
fire investigators formally determined that the company's
transmission lines caused the California wildfire that killed 85
people last year, officials said. Economic data on tap, includes a U.S. Commerce Department
report that is likely to show housing starts numbers at 1.205
million units in April, after recording 1.139 million units in
March. The data is due at 8:30 a.m. ET.
At the same time, a Labor Department report is expected to
show initial claims for state unemployment benefits declined to
a seasonally adjusted 220,000 for the week ended May 11, from
228,000, the week before.