US STOCKS-Futures advance after Alcoa's profit tops forecasts
* Alcoa gains after earnings boost market optimism
* Tesla rises on news it is to be added to Nasdaq 100 index
* Intuitive Surgical slumps after revenue forecast
* Futures up: Dow 47 pts, S&P 6.9 pts, Nasdaq 11 pts
NEW YORK, July 9 (Reuters) - U.S. stock index futures rose on Tuesday, putting the S&P 500 on pace for a fourth straight advance, after Alcoa reported higher-than-expected adjusted profit, which buoyed optimism about quarterly earnings reports to come.
Alcoa Inc, the first Dow component to report for the second quarter, also said late on Monday it sees solid growth in global demand for its products this year. Shares of the largest U.S. aluminum producer rose 1 percent to $8.00 in premarket trade.
The earnings report boosted confidence for an earnings season currently forecast to show lackluster growth.
"We've set the expectations bar extremely low, probably the lowest that we've seen in the last eight quarters, for this earnings season," said Art Hogan, managing director at Lazard Capital Markets in New York.
"So if we are going to get some upside surprises here, which I entirely expect that we will, the market may react positively."
According to Thomson Reuters data through Monday morning, analysts' expectations call for S&P 500 earnings to grow 2.9 percent in the quarter from a year ago, while revenue is forecast to increase 1.5 percent from a year ago.
S&P 500 futures rose 6.9 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 47 points and Nasdaq 100 futures added 11 points.
The earnings calendar remains fairly light this week until Friday when JPMorgan Chase & Co and Wells Fargo & Co are scheduled to report.
The benchmark S&P 500 index has risen 1.6 percent over the past 3 sessions as jobs and manufacturing data have helped ease concerns over the possible early pullback of stimulus measures by the U.S. Federal Reserve.
"What is more important here is that we've got a market that has transitioned in psychology - good news is actually good news and that is a very important transition in the market psychology right now," said Hogan.
Barnes & Noble Inc fell 2.9 percent to $17.15 in premarket trading after the book retailer's Chief Executive William Lynch resigned.
Tesla Motors Inc gained 2.7 percent to $124.93 before the opening bell as Nasdaq OMX Group Inc said it will replace Oracle Corp on the Nasdaq 100 stock index, reflecting the rising profile of the U.S. electric car maker.
Intuitive Surgical slumped 15 percent to $425.01 in premarket trade after the maker of the da Vinci surgical robot said on Monday it expects second-quarter revenue below analysts' expectations.
Grocery store operator Kroger Co said it would acquire Harris Teeter Supermarkets Inc in a deal valued at $2.5 billion, including debt, to expand in the U.S. South east and mid-Atlantic states.
A rally in mining stocks led European shares higher as Alcoa's results cheered investors about the beaten-down sector.
Asian shares gained, taking heart from a rally on Wall Street spurred by strong U.S. job data last week.