By Chuck Mikolajczak
NEW YORK (Reuters) - Stock index futures were higher on Thursday after the European Central Bank held its main interest rate at record lows, with investors awaiting a statement from ECB President Mario Draghi for signs of further action.
The ECB kept the rate at 0.75, waiting to see whether inflation and the euro zone economy slow further before deciding on any fresh cut in borrowing costs.
After last week's pledge by Draghi to "do whatever it takes" to save the euro, expectations for strong action have been raised considerably, putting intense pressure on the ECB president before the 8:30 a.m. EDT (1230 GMT) press conference.
"The ECB certainly raised the expectation bar as high as it can get," said Art Hogan, managing director of Lazard Capital Markets in New York.
"They've got quite a job of satisfying investors because unlike the Fed yesterday where you can actually placate investors by looking ahead to the next meeting, the ECB has to do something here and they have to do something substantive."
European shares trimmed gains after the announcement, with the FTSEurofirst 300 index <.FTEU3> up 0.5 percent. <.EU>
Stocks slipped on Wednesday on disappointment that the Federal Reserve offered no new measures to stimulate the economy and after a computer glitch at brokerage Knight Capital Group Inc
S&P 500 futures rose 5.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 47 points, and Nasdaq 100 futures added 7 points.
Domestic economic data expected includes first-time claims for jobless benefits for the week ended July 28 at 8:30 a.m. EDT (1230 GMT). Economists in a Reuters survey forecast a total of 370,000 new filings compared with 353,000 in the prior week.
The data comes on the heels of a stronger-than-expected ADP National Employment Report and before Friday's non-farm payrolls report for July.
At 10 a.m. EDT (1400 GMT), a report on factory orders and revised durable goods orders for June is due.
Companies expected to report earnings include Clorox
According to Thomson Reuters data, of the 352 companies in the S&P 500 that have reported earnings through Wednesday morning, 66.2 percent have beaten analysts' expectations. Over the past four quarters, 68 percent of companies beat estimates.
Retailers will also be in focus as companies report their monthly same-store sales results. Early results showed discounts and warm weather drew U.S. shoppers to malls in July, helping many retailers report healthy sales gains in what is typically a clearance month ahead of the back-to-school season.
Gap Inc
Global agribusiness group Monsanto Co
(Reporting by Chuck Mikolajczak; Editing by Dave Zimmerman)
