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Futures Off Highs After Jobless Claims Report

U.S. stock index futures pared some of its earlier gains Thursday after the weekly jobless claims rose more than expected and as investors digested a bag of mixed earnings reports.

Jobless claims jumped 34,000 last weekto a seasonally adjusted 386,000, according to the Labor Department. Economists surveyed by Reuters had forecast claims rising to 365,000. The four-week moving average for new claims fell 1,500 to 375,500.

Among earnings, Morgan Stanley tumbled after the financial giant missed earnings expectations, hurt by a sharp decline in its trading-related businesses. The results come as a surprise to analysts who had also expected the company to beat following better-than-expected earnings news from rivals JPMorgan,Goldman Sachs, Citigroup and BofA in the last week.

IBM rallied after the tech giant boosted its full-year earnings target, even after it posted a quarterly revenue shortfall. BMO raised its price target on the company to $205 from $200.

Fellow Dow component Verizon posted earnings in line with forecasts, while revenue topped Wall Street's expectations.

And Travelers edged lower after the insurance company reported profit that missed expectations.

EBay jumped after the online auction company posted better-than-expected quarterly results and reaffirmed its full-year forecasts. At least 10 brokerages boosted their price target on the company.

Qualcomm handed in a disappointing guidance for the current quarter, hurt by weak demand for chips, but shares rallied after the company said it expects a strong final quarter in 2012.

A parade of tech companies are slated to post results after the closing bell tonight including Google , Microsoft , AMD and SanDisk .

Also on the economic front, Existing homes sales figures for June are released at 10:00 am ET by the National Association of Realtors, with analysts telling Reuters they expected a 2 percent rise to an annual rate of 4.64 million units. July’s Philadelphia Fed business sentiment index is also released at 10:00 am ET.

And the Conference Board’s Index of Leading Economic Indicators is expected to register a 0.1 percent rise for June following a 0.3 percent increase in May.

Express Scripts and Walgreen both rallied after the two companies struck a pharmacy network agreementthat settles a long-running dispute.

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

Coming Up This Week:

THURSDAY: Existing home sales, Philadelphia Fed survey, leading indicators; Earnings from Google, Microsoft, AMD, Chipotle, ETrade, Sandisk
FRIDAY: Fender and Kayak trading debut; Earnings from GE, Schlumberger, Xerox

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