Last updated February 26th, 2009 6:50 AM ET---U.S. stock futures are trading higher as investors prepare for GM (NYSE:GM) to announce a major loss and JP Morgan (NYSE:JPM) to hold its annual shareholders meeting with CEO Jamie Dimon discussing the state of the nation's financial system. Economic data due out today includes reports on durable goods orders and jobless claims at 8:30 a.m. as well as a reading on new home sales at 10:00 a.m. According to a report from the Wall Street Journal, Bank of America (NYSE:BAC) plans to spinoff First Republic Bank, a private bank it received from its acquisition of Merrill Lynch. General Motors (NYSE:GM) is scheduled to report quarterly results this morning, and the spotlight is expected to be on how much cash the automaker burnt rather than the amount of losses it piled up. Other companies reporting include; Safeway (NYSE:SWY), Sears Holdings (NASDAQ:SHLD), Dell (NASDAQ:DELL), Gap (NYSE:GPS) and Kohl's (NYSE:KSS). At the time of this report, S&P futures are up 11.50, Nasdaq futures are up 14.50 and Dow futures are up 92.00.

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