US STOCKS-Futures slip amid lukewarm earnings, fall in commodities
* Futures down: Dow 28 pts, S&P 4 pts, Nasdaq 9 pts
By Tanya Agrawal
July 31 (Reuters) - U.S. stock index futures fell slightly on Friday following a spate of uninspiring corporate results and a drop in prices of crude oil and major industrial metals.
* Oil prices fell after OPEC indicated there would be no output cuts despite a huge global oversupply, while copper was lower on lingering worries about demand in top consumer China.
* A sharp selloff in Chinese shares over the past weeks has stoked concerns about a slowdown in growth in the world's second-biggest economy.
* Wall Street ended flat on Thursday as investors digested ho-hum corporate earnings and new data showed that economic growth accelerated in the second quarter, bolstering a case for a rate hike in September.
* Exxon Mobil, Royal Caribbean and Chevron are scheduled to report before the opening bell.
* With more than half of the S&P 500 companies having reported quarterly results, analysts expect overall earnings to edge up 1 percent and revenue to decline 3.6 percent, according to Thomson Reuters data.
* Valuations remain a concern. The S&P 500 is trading near 16.8 times forward 12-month earnings, above the 10-year median of 14.7 times, according to StarMine data. Continuación...