Stock futures little changed amid earnings rush

[February 08, 2017]  By Yashaswini Swamynathan

(Reuters) - U.S. stock index futures were little changed on Wednesday as investors focused on quarterly earnings, a day after the Dow Jones Industrial Average and the Nasdaq hit record highs.

More than half of the S&P 500 companies have reported results so far, with their combined earnings estimated to have risen 8.2 percent - the most in nine quarters.

Key companies scheduled to report results on Wednesday include Goodyear Tire <GT.O>, life insurer Prudential Financial <PRU.N> and grocer Whole Foods <WFM.O>.

The dollar edged up 0.3 percent, but gold rose to a three-month high as political uncertainty ahead of European elections kept the safe-haven asset in favor.

Oil prices fell 0.3 percent, extending losses to the third day as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. [O/R]

Among stocks, Gilead <GILD.O> dropped 6.7 percent to $68.25 premarket after the drugmaker projected disappointing sales for its hepatitis C drugs this year.

Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., February 6, 2017. REUTERS/Lucas Jackson

Cognizant <CTSH.O> slipped 1.4 percent to $53.05 in light trading. The IT services provider named three directors to its board, bowing to pressure from activist shareholder Elliott Management.

Oreo cookie maker Mondelez <MDLZ.O> was down 2.1 percent at $43 following a quarterly sales and profit miss.

No key economic report is scheduled for the day.

Futures snapshot at 6:49 a.m. ET:

Dow e-minis <1YMc1> were up 13 points, or 0.06 percent, with 17,196 contracts changing hands.

S&P 500 e-minis <ESc1> remained unchanged, with 83,224 contracts traded.

Nasdaq 100 e-minis <NQc1> were up 4.25 points, or 0.08 percent, on volume of 16,883 contracts.

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

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