U.S. futures were rising in premarket trading Thursday for the first time this week as crude prices lifted the market. The Nasdaq and S&P 500 were both up 0.4% while the Dow Jones Industrial Average was climbing 0.3%.
In Asia, the Hang Seng fell 0.4%, dropping for the fourth straight session while the Shanghai Index rose 0.2%. In Europe, the FTSE 100 and CAC 40 were even while the Dax was up 0.1% with about three hours left in trading.
International benchmark Brent crude futures contracts for July delivery were up $1.06 to $45.68 per barrel while West Texas crude prices were up $1.26 to $45.04 per barrel.
Shares of Tesla (TSLA) continued to climb premarket after the electric vehicle manufacturer reported a quarterly loss of $0.57 per share that was a penny better than was expected. Revenue for the period of $1.15 billion was a 22% increase from the year ago period and in-line with Wall Street guidance.
Shares of Alibaba (BABA) were up more than 4% ahead of the opening bell following the release of its latest earnings results. The Chinese online retailer reported that fourth quarter revenue rose 39% to $3.7 billion. Earnings for the period rose 1% to $0.47 per share, missing analysts' consensus estimates of $0.55 per share.
Shares of drug maker Merck (MRK) were up premarket after reporting an 18% increase in first-quarter net income to $1.13 billion, or $0.89 per share, a nickel better than Wall Street estimates. Revenue of $9.31 billion fell short of the Street's $9.49 billion consensus. The company also raised its full-year earnings forecast to between $3.65 per share and $3.77 per share from its previous view between $3.60 per share and $3.75 per share.
Discovery Communications (DISCA) reported earnings of $0.46 per share on revenue that rose 1.6% year over year to $1.56 billion. Analysts on average were expecting the company to report earnings of $0.43 per share on revenue of $1.56 billion.
OGE Energy (OGE) reported earnings of $0.13 per share that was in line with consensus estimates. The company also issued guidance for the year between $1.72 per share and $1.83 per share vs. consensus estimates of $1.76 per share.