* Netflix drops 14 pct on weak subscriber numbers
* J&J set for record high after results
* Goldman profit beats, but stock down
* Futures down: Dow 4 pts, S&P 4.75 pts, Nasdaq 11 pts (Adds details, comment, updates prices)
By Yashaswini Swamynathan
July 19 (Reuters) - The S&P 500 and the Nasdaq were set to open lower on Tuesday, following weak results from Netflix, while the Dow was likely to be little changed after J&J’s upbeat earnings.
Oil prices were fluctuating between gains and losses, adding to the pressure on equities.
J&J’s stock gained 1.9 percent to $125.50 premarket, set to hit a record high, after the Dow component posted second-quarter earnings that handily beat expectations.
But, Netflix slumped 14 percent to $85.73 after its quarterly subscriber numbers and forecast missed estimates.
Goldman Sachs’ results continued the market-beating streak for financials that JPMorgan kicked off last week. But, its shares were down 0.8 percent.
“Goldman is not that big of a factor, because all the other financials, except for Wells Fargo have been better-than-expectations,” said Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia.
Dow e-minis were down 4 points, or 0.02 percent at 8:33 a.m. ET, with 30,411 contracts changing hands.
S&P 500 e-minis were down 4.75 points, or 0.22 percent, with 169,001 contracts traded.
Nasdaq 100 e-minis were down 11 points, or 0.24 percent, on volume of 21,201 contracts.
“We’ve had some major financial earnings which have come through and now we are waiting to follow on with tech, and that’s causing a short term pause in the rally,” Cox said.
Netflix, IBM and Yahoo on Monday kicked off the earnings season for technology companies, whose stocks tend to have a big influence on the major indexes.
IBM’s shares were up 1.3 percent, while Yahoo was marginally lower. Microsoft, which reports after the close, was flat.
The year-on-year decline in earnings of S&P 500 components is now expected to slow to 4.5 percent in the second quarter, from 5 percent in the first, and more companies are expected to beat analysts’ estimates, according to Thomson Reuters data.
The S&P and the Dow embarked on a record-breaking run after strong U.S. jobs data on July 8 reaffirmed the health of the economy. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D‘Souza)