* Starbucks lower after cutting revenue forecast
* Microsoft, Intel higher as quarterly results beat estimates
* Futures: Dow down 11 pts, S&P down 0.25 pts, Nasdaq up 7.25 pts (Adds details, comment, updates prices)
By Tanya Agrawal
Jan 27 (Reuters) - The S&P 500 and the Dow Jones Industrial Average looked set to open little changed on Friday, but the Nasdaq was on track for a higher open following strong results from tech companies.
Microsoft rose 1.9 percent to $65.50 in premarket trading, while Intel gained 0.4 percent to $37.71 after the two companies reported quarterly results above Wall Street expectations.
The post-election rally reignited this week following a solid start to earnings season and optimism over President Donald Trump’s pro-growth initiatives, catapulting the Dow above 20,000 for the first time and giving the benchmark S&P 500 its best two-day performance in seven weeks.
All three major indexes were on track to post weekly gains.
“The market has had a strong, solid rally and there’s a pause to evaluate and react to the next set of data and other catalysts that could move the market,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
Trump’s business-friendly decisions since taking office on Friday include signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines.
“Actions speak louder than words and the fact that Trump has signed numerous executive orders since his inauguration continues to heighten hopes of the proposed fiscal stimulus measures materializing,” said Lukman Otunuga, research analyst at FXTM.
Dow e-minis were down 11 points, or 0.05 percent, with 16,071 contracts changing hands at 8:35 a.m. ET (1335 GMT).
S&P 500 e-minis were down 0.25 points, or 0.01 percent, with 85,805 contracts traded.
Nasdaq 100 e-minis were up 7.25 points, or 0.14 percent, on volume of 17,615 contracts.
Early fourth-quarter earnings have also boosted sentiment and are now expected to show growth of 7 percent, their biggest increase in two years, according to Thomson Reuters data.
Of the 146 companies that have reported earnings through Thursday morning, 69.2 percent have topped expectations.
U.S. economic growth slowed more than expected in the fourth quarter with gross domestic product increasing at a 1.9 percent annual rate, below the 2.2 percent rise expected by economists.
Another set of data showed new orders for U.S.-made capital goods increased more than expected in December, with non-defense capital goods orders, excluding aircraft, rising 0.8 percent. Economists polled by Reuters had forecast a 0.5 percent rise.
Starbucks fell 4.2 percent to $56 in premarket trading after the world’s biggest coffee seller trimmed its full-year revenue forecast.
Google parent Alphabet was down 1 percent at $848.51 after it posted fourth-quarter profit below analysts’ estimates.
Colgate-Palmolive fell 4.5 percent to $65.15 after the personal products maker’s fourth-quarter revenue missed estimates. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D’Silva)