Futures fall on Trump's protectionist address

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[January 23, 2017]  By Yashaswini Swamynathan

(Reuters) -
U.S. stock index futures slipped on Monday as investors around the world sought safe-haven assets such as gold and U.S. Treasuries in response to the protectionist sentiments expressed by President Donald Trump in his inauguration speech.

* Trump pledged to put "America first" by laying out two simple rules - buy American and hire American.

* Wall Street has hit a series of record highs after Trump's election in November as investors expected the economy to get a boost from his proposals for tax and regulatory reforms and higher infrastructure spending.

* However, investors are worried about the lack of detail on his economic policies and the impact of his isolationist stance on world trade.

* Trump has made it clear that he plans to hold talks with leaders of Canada and Mexico to renegotiate the North American Free Trade Agreement (NAFTA) and intends to withdraw from the 12-nation trade pact of the Trans-Pacific Partnership.

* The dollar fell to a six-week low on Monday, while prices of safe-haven gold rose.

* Wall Street ended higher, the first in over 50 years under a new president, helped by a thrush of strong quarterly corporate earnings.

* Dow component McDonald's is expected to report results before market opens and Yahoo  after the close.

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Traders gather for Keane Group, Inc.'s IPO on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang

* Nearly 65 percent of S&P 500 companies that have reported earnings so far have beaten analysts' expectations, according to Thomson Reuters I/B/E/S.

* Halliburton slipped 0.27 percent to $56.30 premarket after the world's No. 2 oilfield services provider reported a bigger loss in the latest quarter.

* Perrigo was off 1.7 percent at $73.76 after Jefferies cut its price.

* No major economic data is scheduled for the day.

Futures snapshot at 6:58 a.m. ET:

* Dow e-minis  were down 12 points, or 0.06 percent, with 17,626 contracts changing hands.

* S&P 500 e-minis were down 3.5 points, or 0.15 percent, with 107,097 contracts traded.

* Nasdaq 100 e-minis were down 10 points, or 0.2 percent, on volume of 19,127 contracts.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)

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