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Futures Edge Higher After Housing Starts

U.S stock index futures turned slightly higher after a better-than-expected housing starts report, but some tech heavyweights put a damper on gains.

Housing starts jumped 15 percent to a seasonally adjusted annual rate of 872, 000 units in September, soaring to its fastest rate since 2008 , according to the Commerce Department. Economists polled had expected a rise to a 770, 000-unit rate, according to a Reuters poll.

Among earnings, Bank of America reported a breakeven quarter , exceeding expectations for a loss. But revenue was lighter than expected.

Pepsico posted higher-than-expected earnings , but revenue fell slightly short due to the stronger U.S. dollar.

But a batch of major tech companies limited gains.

Intel reported quarterly results that beat Wall Street's forecast but its outlook came in light as the personal computer industry wrestles with a shaky global economy and a shift by consumers toward tablets.

Meanwhile, IBM posted a profit that topped expectations, though revenue fell short .

AmEx and Ebay are among major companies scheduled to post earnings after the closing bell.

European shares edged higher . Moody's Investor Services holding Spain's credit rating at investment grade. Reuters reported Spain was likely to seek a credit line of around 50 billion euros ($64.7 billion) from the European Central Bank (ECB), potentially triggering the ECB's bond-buying program.

Also on the economic front, weekly mortgage applications declined last week, but demand for purchase loans jumped to the highest level since June, according to the Mortgage Bankers Association.

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

Coming Up This Week:

WEDNESDAY: Oil inventories; Earnings from AmEx, Ebay
THURSDAY: Jobless claims, Philadelphia Fed survey, leading indicators; Earnings from Morgan Stanley, Phillip Morris, Travelers, Union Pacific, Verizon, Fifth Third, Huntington Bancshares, KeyCorp, Nokia, Google, Microsoft, AMD, Capital One, Chipotle, E-Trade
FRIDAY: Existing home sales; Earnings from GE, McDonald's, Schlumberger, Honeywell, Edward Lifesciences

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