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Futures hold losses after economic reports; GM gains

U.S. stock index futures were in negative territory Thursday as investors digested the latest round of corporate earnings and after a report that showed jobless claims ticked higher last week.

General Motors jumped after the automaker beat earnings expectations, helped by strong demand in North America and cost cutting in Europe.

Facebook surged after the social-networking giant posted stellar quarterly results.

Dow component 3M edged past earnings expectations and posted revenue that met forecasts.

Crocs plunged after the footwear manufacturer posted quarterly results that fell short of expectations and handed in current-quarter outlook that sharply missed expectations.

Amazon.com, Expedia, Zynga, and Starbucks are notable companies slated to post earnings after the closing bell.

As of Wednesday, 34 percent of S&P 500 companies had reported earnings. So far, 66 percent of the companies have beaten earnings estimates, but 47 percent have missed revenue estimates, according to data from Thomson Reuters.

On the economic front, weekly jobless claims increased by 7,000 to a seasonally adjusted 343,000, according to the Labor Department. Economists had expected a reading of 340,000 last week. Still, the four-week average of new claims dipped 1,250 from a week earlier.

And durable goods orders gained more than expected, with non-defense capital goods orders excluding aircraft rising 0.7 percent in June, according to the Commerce Department, edging past expectations for an increase of 0.5 percent.

Asian and European stocks retreated on concerns about the outlook for earnings season and the momentum brought down U.S. prospects.

In Asia, construction equipment maker Komatsu fell 2.3 percent, tracking losses in U.S. peer Caterpillar, after it reported a 43 percent loss in quarterly profit. Plus, camera makers Canon and Nikon slumped after Canon lowered its full-year earnings forecasts.

(Read more: Is the Japanese foreign bond binge finally under way?)

European shares fell after disappointing results from the likes of Software AG, tire maker Michelin and chemicals company BASF. However, some companies posted results surprising on the upside, including Swiss giants Roche and Credit Suisse, plus Rolls Royce.

(Read more: Here's what you need to know on earnings so far)

In addition, the Treasury will sell $29 billion in 7-year notes at 1 p.m. on Thursday, which will be watched closely after the weak performance of Wednesday's 5-year auction. By the end of the week, the Treasury will have auctioned a total of $99 billion of Treasury notes.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

On Tap This Week:

THURSDAY: Natural gas inventories, Kansas City Fed mfg index, 7-yr note auction, Fed balance sheet/money supply, weekly rail numbers, USDA food prices outlook; Earnings from Amazon.com, Gilead Sciences, Starbucks, Zynga
FRIDAY: Consumer sentiment, AT&T Next debuts; Earnings from Tyco

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