By Carla Mozee, MarketWatch

Potential for an ECB surprise keeps investors on edge

LONDON (MarketWatch) -- U.S. stock futures indicated a higher open for trading Thursday on the expectation that the European Central Bank will unleash a flood of liquidity by initiating a program of government-bond purchases.

Quarterly results from Dow industrials components Verizon Communications Inc. and Travelers Cos. have come in ahead of the bell, and a weekly labor-market update is due.

Futures for the Dow Jones Industrial Average (DJH5) rose 59 points, or 0.3%, to 17,530, and those for the S&P 500 index (SPH5) were up 7.9 points, or 0.4%, to 2,034.50. Futures for the Nasdaq 100 (NDH5) gained 11.5 points, or 0.3%, to 4,194.25.

The central bank left key interest rates unchanged and investors are now awaiting the press conference from European Central Bank President Mario Draghi at 8:30 a.m. Eastern Time.

Given recent surprises from the Swiss National Bank, the Bank of Canada and the Bank of England, a cautious stance from investors would be understandable. The ECB is expected to introduce more stimulus as it grapples with stubbornly low inflation levels and lackluster economic growth. The ECB's executive board is proposing bond purchases of roughly 50 billion euros ($58 billion) a month for a minimum of one year, The Wall Street Journal reported Wednesday.

Opinion: As central banks surprise, Fed may have to throw in the towel

European stocks have hit multi-year highs ahead of the announcement, but it could be that the ECB is "unlikely to satisfy these hopes," said analysts at ESN Investment Research in a note to clients. "This is set to fuel profit taking in the short term. We advise investors to, at least, cover portfolios and/or buy volatility."

The policy decision is expected at 12:45 p.m. London time, or 7:45 a.m. Eastern Time. ECB President Mario Draghi will hold a press conference at 1:30 p.m. London Time.

The rollout of U.S. economic data will begin at 8:30 a.m. Eastern Time, with weekly jobless claims due from the Labor Department. Economists polled by MarketWatch expect initial claims to fall to 298,000. But if they remain well above 300,000 it could cause some concern related to layoffs.

At 9 a.m. Eastern, the Federal Housing Finance Agency will issue its index on home prices for November. Then at 9:30 a.m. Eastern, data firm Markit will release its flash manufacturing snapshot for early January.

On Wednesday, stocks closed higher after a choppy session. The S&P 500 index (SPX) rose 0.5%, the Dow Jones Industrial Average (DJI) gained 0.2% and the Nasdaq Composite (RIXF) added 0.3%.

Stocks to watch:Travelers (TRV) posted fourth-quarter profit above Wall Street's projection, aided by a modest level of catastrophe claims and higher premiums written. Shares of the property-casualty insurer were up 0.8% ahead of the bell.

Verizon (VZ) logged earnings excluding one-time items that were in-line with Wall Street's expectations. It also posted a net loss in its fourth quarter on pension and severance costs, though strong tablet sales helped drive growth. Shares were off 0.9% in premarket trade.

Janus Capital Group Inc.(JNS) , which recently brought bond market heavyweight Bill Gross on board, said its profit rose 22% in its fourth quarter.

eBay Inc. (EBAY) late Wednesday reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $4.92 billion. It also said it will cut 7% of its workforce, or 2,400 jobs from eBay Marketplaces, PayPal, and eBay Enterprise this year.

American Express Co.(AXP) reported fourth-quarter earnings rose to $1.45 billion, or $1.39 a share, after the bell Wednesday. Revenue rose 7% to $9.11 billion. Card-member spending rose 6%.

Lands' End Inc. (LE) forecast fiscal fourth-quarter profit and sales that were below Wall Street's expectations, citing disappointing sales of its cold weather assortment and mixed customer reactions in its women's categories.

Other markets: Hong Kong stocks overnight hit a four-month high. Oil futures (CLH5) turned modestly higher, nearing $48 a barrel, and gold futures (GCF5) were lower.

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