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Futures down: Dow 0.02%, S&P 500 0.07%, Nasdaq 0.1%
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Domino's Pizza falls after Q1 U.S. same-store sales
decline
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Sprit AeroSystems up after Airbus to takeover plants
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36% of S&P 500 companies set to report results this week
(Updates quote, prices)
By Lisa Pauline Mattackal and Purvi Agarwal
April 28 (Reuters) - U.S. stock index futures were set
to open little changed on Monday as investors braced for a week
packed with key economic data and earnings from some of Wall
Street's biggest companies, while U.S. trade policy developments
remained in focus.
The three main indexes ended Friday with weekly gains, while
the small-cap Russell 2000 marked its best week since
November as signs emerged that the U.S. and China could be
willing to de-escalate trade tensions.
However, competing claims on the state of negotiations from
Beijing and U.S. President Donald Trump highlighted the
uncertainties facing investors as they attempt to navigate
Trump's disruption of world trade.
"The market really just continues in this game of trying to
figure out what's next for President Trump and trade
negotiations," said Phil Blancato, CEO of Ladenburg Thalmann
Asset Management.
Investors are also watching company earnings and executive
comments for indications on how the new tariffs could impact
their outlook. The spotlight will be on "Magnificent Seven"
megacaps Apple ( AAPL ), Microsoft ( MSFT ), Amazon ( AMZN ) and
Meta Platforms ( META ), as 180 S&P 500 companies prepare to
report results this week.
Big tech companies can continue to beat earnings
expectations as they are more resistant to tariffs, Blancato
said. "Are you going to tell somebody to not use a Microsoft ( MSFT )
operating system at this point because of a tariff? That's
highly unlikely."
So far, earnings season has been somewhat upbeat, with S&P
500 earnings now expected to climb 9.7% in the first quarter
from a year ago, higher than an April 1 estimate for an 8% gain,
according to LSEG IBES.
However, many companies have flagged the uncertainty caused
by changes in trade policy, with some cutting or pulling annual
forecasts.
Crucial economic data, most notably monthly U.S. payrolls
data, gross domestic product data and the personal consumption
expenditures price index, will also be keenly watched for
signals on how new tariffs are impacting economic growth,
inflation and the labor market.
At 8:31 a.m. ET, Dow E-minis were down 10 points, or
0.02%, S&P 500 E-minis were down 3.75 points, or 0.07%,
and Nasdaq 100 E-minis were down 18.75 points, or 0.1%.
The week also marks 100 days since U.S. President Donald
Trump took office. Despite an initial rally in equities after
his election in November, the S&P 500 has declined more
than 4% since then, and fallen over 10% from its February record
high as markets assess the potential impact of tariffs.
A majority of economists polled by Reuters said the risks of
the global economy slipping into recession this year were high.
Among individual stocks, Dominos Pizza fell 3.6% in
premarket trading after it posted a surprise decline in
first-quarter U.S. same-store sales on weak consumer spending.
Web browser developer Opera's U.S.-listed shares
jumped 13.3% after the company lifted its annual revenue
forecast.
Spirit AeroSystems ( SPR ) rose 2.5% after Airbus
reached a deal to take over some of the company's plants.