US futures climb as investors await ECB, data

New York - US stock index futures gained slightly as investors awaited confirmation that the European Central Bank (ECB) would announce new economic stimulus measures at a meeting on Thursday.

The ECB is widely expected to unveil a large bond-buying program, which is designed to combat the risk of deflation and a weakening eurozone economy. A source told Reuters on Wednesday the executive board had proposed that the bank buys €50bn in bonds per month from March.

Equities rose on that report, with many US stocks standing to benefit from accommodative programs in Europe, one of the United States' key trading partners.

ECB President Mario Draghi will speak to the media at 15:30, and if the details of the plan are perceived as inadequate to return inflation to target, that could spur market losses, especially with the benchmark S&P 500 within 3% of its record closing high.

In corporate earnings news, Verizon Communications reported revenue growth of 6.8%, though shares fell 1% to $47.75 in premarket trading. Travelers Cos rose 0.5% to $105.50 after reporting a rise in net profit.

American Express late on Wednesday reported revenue growth of 6.6%, though the credit card company also said it would cut more than 4 000 jobs this year as expenses and provisions for bad loans rose. Shares dipped 1.7% to $86.20 in light premarket trading.

READ: American Express to cut 4 000 jobs

F5 Networks slumped 15% to $107.50 in premarket trading after the network equipment maker reported revenue that missed expectations for the first time in eight quarters. It also forecast current-quarter revenue and profit below market estimates.

City National rose in premarket trading after the Royal Bank of Canada said it would buy the company in a cash-and-stock deal valued at $5.4bn.

EBay rose 3% to $55 before the opening bell, a day after it said it was exploring a sale or public offering of its enterprise unit, and announced an agreement with activist investor Carl Icahn that will give investors a greater say in its PayPal payments unit once it is spun off.

US crude futures rose 1.6% to $48.56 per barrel, the third time the commodity has advanced more than 1.5% in the past four sessions. The recent trend could indicate that crude prices have found a floor after dropping by more than half since June.