US STOCKS-Futures pause after rally, JPMorgan results draw cheer

Reuters

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    * Futures: Dow up 0.01%, S&P off 0.08%, Nasdaq  down 0.14% 

    By Sruthi Shankar
    Jan 14 (Reuters) - U.S. stock index futures were flat to
slightly lower on Tuesday, as investors took a breather
following a record rally, even as JPMorgan's quarterly results
set a positive tone for big bank earnings.
    The S&P 500 and the Nasdaq indexes set new all-time highs on
Monday, helped by bets that the expected Phase 1 U.S.-China
trade deal will spur a rebound in global growth and on easing
Middle East tensions.
    JPMorgan Chase & Co  JPM.N , the largest U.S. bank by
assets, rose 1.7% in pre-market trading after its fourth-quarter
profit beat Wall Street estimates, driven by strength in its
trading business and higher underwriting fees.  urn:newsml:reuters.com:*:nL4N29J2VN 
    Citigroup Inc  C.N  and Wells Fargo & Co  WFC.N , also set
to report results before market open, rose about 0.8% each.
    Analysts expect profits at S&P 500 companies to drop 0.7%
for the second consecutive quarter, according to Refinitiv IBES
data, largely due to weakness in earnings for energy and
industrial companies that have been hit by a prolonged trade
war.
    China has pledged to buy nearly an additional $80 billion of
manufactured goods from the United States over the next two
years, plus over $50 billion more in energy supplies, Reuters
reported, citing a source briefed on the trade deal expected to
be signed on Wednesday.  urn:newsml:reuters.com:*:nL1N29J03H
    As the earnings season starts in earnest, investors are
hopeful that a resolution to the Sino-U.S. trade war would
encourage companies to come up with stronger forecasts.
    Delta Air Lines Inc  DAL.N  jumped 4.4% after reporting a
better-than-expected quarterly profit, boosted by customers
gained from rival airlines' 737 MAX cancellations.  urn:newsml:reuters.com:*:nL1N29I14D
    High-flying stocks Apple Inc  APPL.O , Amazon.com Inc
 AMZN.O , Microsoft Corp  MSFT.O  and Facebook Inc  FB.O  were
all marginally lower after taking the markets to record levels.
     Videogame retailer GameStop Corp  GME.N  dropped 8.1% after
cutting its fiscal 2019 outlook for profit and same-store sales,
as customers delayed console purchases ahead of new launches.
 urn:newsml:reuters.com:*:nL4N29I3JG
    At 07:18 a.m. ET, Dow e-minis  1YMcv1  were up 4 points, or
0.01%. S&P 500 e-minis  EScv1  were down 2.75 points, or 0.08%
and Nasdaq 100 e-minis  NQcv1  were down 13 points, or 0.14%.
    The U.S. Labor Department is expected to release consumer
price data at 8:30 a.m. ET, which is likely to remain unchanged
at 0.3% in December. Core CPI is also likely to remain unchanged
at 0.2% in December.

 (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak
Dasgupta)
 ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 6328;))

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