US equity futures were up pre-bell Thursday, rebounding from the previous session after a 50-basis-point interest rate cut from the Federal Reserve fueled losses for major benchmarks.

Dow Jones Industrial Average futures rose 1.1%, S&P 500 futures increased 1.5%, and Nasdaq futures surged 2.1%.

On Wednesday, the central bank's Federal Open Market Committee lowered interest rates to a range of 4.75% to 5%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.4% at $74.68 per barrel and US West Texas Intermediate crude up 1.6% at $70.99 per barrel.

New unemployment claims, released at 8:30 am ET, fell to 219,000 in the week ended Sept. 14 from 231,000 in the prior week, compared with estimates compiled by Bloomberg for 230,000 claims. The Philadelphia Fed Manufacturing Index rebounded to 1.7 in September from August's minus 7.0, compared with estimates for a flat reading.

Existing home sales, slated for 10 am ET, are expected to drop to a 3.92 million annual rate in August from 3.95 million previously. Forecasters see the index of leading economic indicators dropping by 0.3% in August following a 0.6% decline in July.

In other world markets, Japan's Nikkei closed 2.1% higher, Hong Kong's Hang Seng ended 2% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, UK's FTSE 100 rose 1% and Germany's DAX index surged 1.6% in Europe's early afternoon session.

In equities, shares of Intel (INTC) were 2% higher after the chipmaker said it currently has no plans to divest its majority stake in Mobileye. Galmed Pharmeceuticals (GLMD) shares were up 23% after the company said it is expanding its drug development activities to cancer and major cardiometabolic diseases.

On the losing side, America's Car-Mart (CRMT) shares were down nearly 14% on a planned $65 million public offering. Progyny (PGNY) shares slumped 24% after the company said that a big client opted to terminate its services agreement.