Stocks are indicated modestly higher following a round of positive earnings reports. Thirty minutes before the opening bell Wednesday, stock index futures indicate that the Dow Jones Industrial Average might add 40 or 50 points in early action.

With no economic data to guide the market, the focus is squarely on earnings. Apple Computer (AAPL) is up 4.6 percent after reporting a $3.51 per share quarterly profit, which beat Street estimates by 40 cents.

Coca Cola (KO) will help the Dow Jones Industrial Average after reporting $1.06, three cents better than expectations, and the financials might get a lift from news Morgan Stanley (MS) earned 80 cents per share for the quarter, which beat by 36 cents.

The flood of earnings releases continues after market, including reports from EBAY, Starbuck’s (SBUX), and Qualcomm (QCOM).

Commodity-related names might also see early strength after gold gained $2.3 to $1194 an ounce and crude oil added 84 cents to $74.82 ahead of weekly inventory data, due at 10:30 a.m. Eastern time.

Attention will also turn to Federal Chairman Ben Bernanke, as he begins two-days of testimony about the economy on Capital Hill.

Bonds are seeing modest losses in slow trade ahead of the Fed-speak. The benchmark ten-year Treasury is down 3/32nd and yields 2.96 percent.

The dollar is mixed. The buck lost .35 to 87.13 against the Japanese Yen. The euro slipped .0073 to 1.2809 against the US currency.