US STOCKS-Futures rise as Intel results fuel recovery hopes

                                
 * Intel results spur global appetite for equities
                                
 * Technology shares set to lead the market higher
                                
 * For up-to-the-minute market news click [STXNEWS/US]
 (Updates prices, adds byline)
                                
 By Rodrigo Campos
                                
 NEW YORK, July 15 (Reuters) - U.S. stock futures pointed to
a higher open on Wall Street on Wednesday as Intel Corp's
<INTC.O> solid results and upbeat outlook reinforced hopes for
an economic recovery and a rebound in technology spending.
                                
 Shares of Intel, a chip-maker and Dow component, rose more
than 7 percent in pre-market trading as its quarterly results
and outlook blew past Wall Street forecasts, helped by strong
consumer demand for PCs, setting an auspicious tone for the
technology sector. For details see [ID:nLF507840].
                                
 Shares of AMD Micro Devices <AMD.N>, Intel's main rival,
gained 6.5 percent, and the Technology Select Sector SPDR
<XLK.P> gained more than 1 percent.
                                
 Wall Street's advance would extend a global equities rally
after stocks rose in Asia overnight. In Europe, major indexes
were up almost 2 percent.
                                
 "(Intel's) guidance had a better tone to it. I think that's
what the whole earnings season is going to be about," said
Peter Cardillo, chief market economist at Avalon Partners in
New York.
                                
 "The market wants to hear more of what Intel had to say,
that corporate America is feeling a bit better."
                                
 S&P 500 futures <SPc1> climbed 11.1 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 <DJc1> rose 81
points, and Nasdaq 100 <NDc1> futures added 26.5 points.
                                
 Crude futures <CLc1> rose 1.6 percent ahead of the Energy
Information Administration oil inventories report expected at
10:30 a.m. (1430 GMT).
                                
 Intel's rosy news notwithstanding, investors were still
confronted with signs of consumer strains after credit card
company Capital One Financial Corp <COF.N> posted a rise in
defaults. [ID:nN15321730]
                                
 Economic data on tap for 8:30 a.m. (1230 GMT) includes the
June U.S. Consumer Price Index -- expected to surge 0.6 percent
based on the median forecast of economists surveyed by Reuters
-- and July's New York's Empire State manufacturing survey --
expected at a minus 5.0 reading based on a survey of
economists. U.S. industrial output for June, due at 9:15 a.m.
(1315 GMT), is forecast to drop 0.6 percent, improved from a
drop of 1.1 percent in the previous month.
                                
 Also Wednesday, minutes from the latest Federal Reserve
policy meeting will be scrutinized for details on how the Fed
arrived at its recent assessment of the economy's outlook.
                                
 Companies reporting quarterly results include Gannett Co
<GCI.N> and Xilinx Inc <XLNX.O>.
                                
 U.S. stocks rose on Tuesday as better-than-expected
corporate profits overshadowed concerns about weak consumer
demand.
 (Editing by Padraic Cassidy)