U.S. futures higher, eyes on data; Dow Jones up 0.30%

U.S. stock futures pointed to a steady open on Thursday, despite comments by a regional Federal Reserve chairman saying that the U.S. central bank may taper its asset buying program as soon as this summer, as markets eyed the release of U.S. data later in the day. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.30% rise, S&P 500 futures signaled a 0.33% increase, while the Nasdaq 100 futures indicated a 0.19% gain.

On Thursday, John Williams, president of the Federal Reserve Bank of San Francisco, said the Fed could begin reducing its monetary easing this summer and end bond buying late this year. 

Fresh concerns over the outlook for growth in the U.S. were sparked by a recent string of disappointing economic data. 

The Federal Reserve Bank of Philadelphia said on Thursday that its manufacturing index fell to minus 5.2 in May from April’s reading of 1.3, while the Department of Labor said the number of people who filed for unemployment assistance in the U.S. rose to a seasonally adjusted 360,000 last week, compared to expectations for an increase to 330,000. 

Cisco Systems was expected to remain in focus for the second consecutive session, as the networking equipment company surged over 12% on Thursday after reporting fiscal third-quarter profit that topped estimates. Shares slipped 0.24% in pre-market trade. 

Also in the tech sector, Dell reported a steep drop in quarterly profit after the closing bell as personal computer sales continued to shrink, sending shares down 0.22% in extended trading. 

Applied Materials was also lower in after-hour trade, retreating 0.68%, as the largest producer of chipmaking equipment forecast fiscal third-quarter profit and sales that may fall short of some analysts’ estimates. 

Among retailers, J.C. Penney was expected to be active after reported, after hours, that operating margins plunged in the first quarter while total sales and same-store sales registered double-digit declines. 

Shares in the company plummeted 3.03% in early trading. 

Other stocks in focus included Donaldson, scheduled to report first-quarter earnings later in the day. 

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 gained 0.35%, France’s CAC 40 advanced 0.42%, Germany's DAX added 0.22%, while Britain's FTSE 100 edged up 0.15%. 

During the Asian trading session, Japan’s Nikkei 225 Index retreated 0.39%, while Hong Kong's Hang Seng Index remained closed for a national holiday. 

Later in the day, the U.S. was to release preliminary data from the University of Michigan on consumer sentiment and inflation expectations.