Wall Street set to open flat amid earnings rush

[February 08, 2017]  By Yashaswini Swamynathan

(Reuters) - U.S. stocks looked set to open little changed as investors assessed a flood of quarterly earnings, a day after the Nasdaq closed at a record high.

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 life insurer Prudential Financial <PRU.N> and grocer Whole Foods <WFM.O>.

"The market is poised to take its cue from earnings, which, by the way, have been upbeat and are probably a solid reason for the market's resilience," Peter Cardillo, chief market economist at First Standard Financial wrote in a note.

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]

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

Dow e-minis <1YMc1> were down 2 points, or 0.01 percent at 8:18 a.m. ET (1318 GMT), with 20,765 contracts changing hands.

S&P 500 e-minis <ESc1> were down 2.25 points, or 0.1 percent, with 110,623 contracts traded.

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

Nasdaq 100 e-minis <NQc1> were up 1 point, or 0.02 percent, on volume of 20,365 contracts.

Among stocks, Gilead <GILD.O> dropped 6.1 percent to $68.70 in premarket trading after the drugmaker projected disappointing sales for its hepatitis C drugs this year.

Cognizant <CTSH.O> rose 5.9 percent to $56.95 after the IT services provider named three directors to its board and announced a $3.4 billion share buyback program, bowing to pressure from activist shareholder Elliott Management.

U.S. carrier Alaska Air <ALK.N> rose 3.2 percent to $97.16 after the company reported a 10.7 percent jump in quarterly revenue.

No key economic report is scheduled for the day.

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

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