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Thursday's markets will ride last big wave of earnings

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One of the last big blasts of second-quarter earnings news is expected Thursday as traders watch to see if oil can hold its gains.

West Texas Intermediate crude futures were slightly lower Thursday after bouncing 3 percent Wednesday as weekly inventory data showed a decline in gasoline supply. That in turn lifted stocks and helped break a seven-day losing streak for the Dow

Dow futures were slightly higher Thursday, as were S&P 500 futures.

"The S&P 500 held 2,146, the 21-day moving average Tuesday, and today the bulls took back the ball. It was good to see oil reverse on the [inventory] number, " said Scott Redler, partner with "If today's low marked a bottom in oil for the summer, we'll probably see that the bears will have a hard time getting downside follow-through."