April 20, 2016 / 11:32 AM / 2 years ago

US STOCKS-Futures flat as earnings trickle in, oil falls

By Abhiram Nandakumar

April 20 (Reuters) - U.S. stock index futures were little changed on Wednesday as investors assessed earnings reports and crude snapped a short-lived rally after Kuwaiti oil workers called off their strike.

* Crude resumed their slide on renewed worries about global oversupply and hit markets worldwide, sending investors scurrying for safety in the yen.

* Oil prices, which have been a major driver of stocks this year, have recovered from multi-year lows, but still remain low enough to worry investors, along with the global economic slowdown and uncertainty around monetary policies.

* The S&P 500 breached 2,100 on Tuesday, about 30 points shy of its record high, after staging a recovery from a steep selloff earlier this year.

* Investors now turn their focus on earnings season for signs of impact from the weak global economy and lower crude.

* First-quarter earnings at S&P 500 companies are expected to have fallen 7.6 percent on average and revenues are seen dipping 1.3 percent, according to Thomson Reuters I/B/E/S.

* Shares of Intel were down 2.4 percent at $30.84 in premarket trading after the chipmaker lowered its revenue forecast for the year.

* Coca-Cola fell 1.3 percent to $46 after the company’s quarterly sales fell 4 percent.

* Intuitive Surgical rose 1.8 percent to $635 after its better-than-expected quarterly profit prompted brokerages to raise their price targets on the stock.

* Dow component American Express, Qualcomm and Yum Brands are among companies set to report after the close.

* Lexmark jumped 10.5 percent to $38.30 after it agreed to be taken private by a group of investors led by China-based Apex Technology Co and PAG Asia Capital in a deal valued at $3.6 billion net of cash.

* Data due at 10 a.m. ET (1400 GMT) is expected to show existing home sales rose to 5.3 million in March, after dropping 7.1 percent in February.

Futures snapshot at 7:11 a.m. EDT:

* Dow e-minis were down 3 points, or 0.02 percent, with 34,202 contracts changing hands.

* S&P 500 e-minis were up 0.75 points, or 0.04 percent, with 174,796 contracts traded.

* Nasdaq 100 e-minis were up 3 points, or 0.07 percent, on 19,673 contracts. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don Sebastian)

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