* JPMorgan revenue beat boosts stock; other banks also up
* BoE leaves rate unchanged, surprise move dents futures
* Yum rises on strength in key China business
* Futures up: Dow 150 pts, S&P 16.5 pts, Nasdaq 30.25 pts (Adds details, comments, updates prices)
By Yashaswini Swamynathan
July 14 (Reuters) - The S&P 500 and the Dow were set to scale record highs on Thursday, as JPMorgan’s strong results set an upbeat mood for the earnings season, especially for big banks in the next few days.
Stock futures took a step back briefly after the Bank of England surprised investors by leaving interest rates unchanged at 0.50 percent.
But, investors took hope after the central bank also signaled that it would likely be a stimulus program in August, once the impact of Britain’s decision to leave the European Union had been assessed.
JPMorgan, the biggest U.S. bank by assets, reported quarterly revenue rise that beat estimates by a large margin. The company’s shares rose 2.3 percent to $64.60 premarket.
“The fact that is giving everyone hope is that JPMorgan’s revenues were strong and that shows business is being done,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
“But it is the very beginning of earnings season and we will have wait and see what companies have to say about the future.”
Citigroup, Bank of America, Wells Fargo and Morgan Stanley jumped about 2 percent.
Citi and Wells Fargo are scheduled to report results on Friday.
Dow e-minis were up 150 points, or 0.82 percent at 8:30 a.m. ET (1230 GMT), with 47,965 contracts changing hands.
S&P 500 e-minis were up 16.5 points, or 0.77 percent, with 366,727 contracts traded.
Nasdaq 100 e-minis were up 30.25 points, or 0.66 percent, on volume of 33,903 contracts.
Wall Street ended flat on Wednesday though the S&P and the Dow closed at record highs. The S&P’s close is just 0.2 percent shy of its all-time intraday high, while the Dow ended 0.09 percent off its record.
With the earnings season gathering steam, investors will parse corporate reports to justify stock valuations.
Second-quarter S&P 500 earnings are expected to fall 5 percent, mirroring the first quarter. But analysts expect steady growth throughout the rest of the year, according to StarMine.
KFC owner Yum Brands rose 4.4 percent to $89.25 after its key China business showed signs of strength.
Procter & Gamble rose 1.3 percent to $87.04 after UBS upgraded the stock to “buy” from “neutral”.
A host of Fed officials, including presidents of Atlanta and Kansas Feds, are scheduled to speak at separate events on Thursday. In recent speeches, many Fed authorities have called for no urgency in raising rates. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D‘Souza)