* EMC shares rise after Dell offer
* Eli Lilly sinks after experimental heart drug scrapped
* Futures: Dow down 4 pts, S&P down 1.5 pts, Nasdaq up 7 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Oct 12 (Reuters) - Wall Street was set to open little changed on Monday as investors braced for quarterly results from major U.S. banks and several Dow 30 companies this week.
Technology stocks will be in focus after Dell’s $67 billion deal to buy data storage company EMC in the largest acquisition ever in the tech sector.
EMC’s shares were up 4.9 percent at $29.20. VMware, which is majority owned by EMC, fell 4.3 percent to $75.25.
JPMorgan kicks off bank earnings on Tuesday, with Goldman Sachs, Bank of America, Wells Fargo and Citigroup reporting through the week.
Financial companies are expected to show earnings growth of 8.4 percent, down from the 14.8 percent expected at the start of the third quarter.
The financial index has been under pressure due to worries about banks’ trading revenue and the health of the global economy.
The Federal Reserve added to the uncertainty by deciding to keep interest rates unchanged at its September meeting. Banks would benefit from a hike in rates, which have not been raised since 2006.
“We had concerns about emerging markets and uncertainty in the Fed. So the dip we had in late August, we’ve retraced the losses to a good amount,” said Andre Bakhos, managing director at Janlyn Capital in New Jersey.
“Earnings are now going to give investors a little more evidence of what’s really going on.”
Bakhos expects a muted trading session on Monday as banks remain closed for the Columbus Day holiday.
Fed Vice Chairman Stanley Fischer said on Sunday the central bank was still likely to raise interest rates this year, unless global economic conditions push the U.S. economy off course.
Chicago Fed President Charles Evans and Fed Board Governor Lael Brainard are scheduled to speak on Monday. Both are voting members of the Federal Open Market Committee, which regulates open market operations.
At 8:59 a.m. ET, S&P 500 e-minis were down 1.5 points, or 0.07 percent, with 95,951 contracts traded. Nasdaq 100 e-minis were up 7 points, or 0.16 percent, on volume of 18,212 contracts. Dow e-minis were down 4 points, or 0.02 percent, with 12,895 contracts changing hands.
Several Dow 30 components are also reporting results this week, including Johnson & Johnson, Intel and General Electric.
S&P 500 companies are expected to report a 4.5 percent fall in third-quarter profits, the biggest decline in six years, according to Thomson Reuters data.
Twitter was down 1.9 percent at $30.27 after a report on Friday that the company was planning to announce layoffs this week.
Eli Lilly fell 9.4 percent to $78.01 after the company said it was scrapping an experimental heart drug and taking a related charge in the fourth quarter.
Rival Merck was down 3.8 percent at $49.0. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don Sebastian and Saumyadeb Chakrabarty)