Before the bell: Futures higher after strong tech results, ahead of CPI

Stocks futures were higher this morning indicating a similar open after Intel and Yahoo! reported better-than-expected results after the close yesterday. This morning, another bank, JPMorgan, is due to report earnings. Investors will examine the results but mostly the Street will turn its attention to the CPI, which should be released an hour before the opening bell.

Yesterday,U.S. stocks closed lower after a warning from Federal Reserve Chairman Ben Bernanke that housing could be a real drag on economic growth. Warnings from the financial sector and high oil prices contributed to yesterday's declines. The Dow Jones Industrial Average lost 71.86 points 0r 0.51%, the Nasdaq composite declined 16.14 points or 0.58% and the S&P 500 retreated 10.18 points or 0.66%.

Without a doubt, the news that right now is moving the market is tech stocks results from last night. Investors may have gained back confidence in tech.

• After the strong results from Yahoo! Inc. (NASDAQ: YHOO), a turnaround for this internet bellwether seems more plausible. Yahoo! beat both revenue and earnings estimates. Panama seems to have started to pay off and sales of online display ads -- a concern previously -- have also grew. Yahoo! shares jumped 10% in after-hours trading and are now gaining over 9% in premarket action.
• Intel Corp. (NADSAQ: INTC) shares have also jumped 5% after the chip maker beat earnings by a penny, showed a 15% jump in revenue and improved margins. In premarket action shares continue to be up over 5%.
• IBM (NYSE: IBM) shares on the other hand fell about 1.2% in after-hours trading despite the company beating estimates. IBM has some exposure to the financial industry.

Later this morning and throughout the day, other earnings will affect the course the market is taking. JPMorgan Chase & Co. (NYSE: JPM), Altria Group Inc. (NYSE: MO), United Technologies Group Inc. (NYSE: UTX) and Coca-Cola Co. (NYSE: KO) are due to report results this morning with several more technology stocks like eBay Inc. (NASDAQ: EBAY) reporting after the close.

There will be several economic indicators released today that investors will focus on.

• First, at 8:30 a.m., the September Consumer Price Index is due. Economists forecast prices at the consumer level to have gained 0.2% in September after declining 0.1% in August. Core CPI, which excludes the volatile food and energy costs, is expected to also rise 0.2%, same as the previous month. Higher CPI numbers could mean inflation isn't under control and that the Fed may not be able to cut rates again at the end of the month as many investors hope. The market could then take a beating.
• Also at 8:30, the Census Bureau reports on September housing starts and building permits. Both are forecast to fall to 12-year lows and with recent comments about the potential drag this would have on the economy from Bernanke, numbers lower than expected may pull the market down as well.
• At 10:30 a.m., the government will release its weekly report on crude inventories. Given that oil prices are around $87 a barrel, this weekly report will also be in focus today as it could show direction of oil prices.
• Finally, at 2:00 p.m., the Federal Reserve will release its Beige Book of economic conditions.

Overseas, Asian markets finished mostly lower, following a rollercoaster day from Indian stocks that plunged 8% before recovering most of the loss, after the market regulator moved to curb buying by foreign funds. European stocks were mixed in early trading.