Wall Street set for muted open as investors assess earnings

By Abhiram Nandakumar

REUTERS - U.S. stock indexes were set to open little changed on Thursday as oil prices steadied and investors assessed a raft of earnings reports that could provide fresh catalysts to drive the market.

Crude prices hovered near five-month highs after the International Energy Agency said 2016 would see the biggest fall in non-OPEC production in more than two decades.

Better-than-expected results and a recent rebound in oil pushed the S&P 500 closer towards its record high of 2,134.72.

S&P 500 companies are seen reporting a 7.5 percent fall in first-quarter profit on average, and a 1.3 percent decline in revenue, according to Thomson Reuters I/B/E/S.

However, market analysts say investors seem to be looking past the lowered expectations for earnings and revenue growth, and booking short-term profits.

"I think the market is extremely tired," said Matthew Tuttle, chief executive, Tuttle Tactical Management in Greenwich, Connecticut.

"We do think we're going to make a run at the all-time high, but ... I don't see how we just totally take off again without some sort of pause," he said.

At 8:31 a.m. ET (1231 GMT), Dow e-minis were up 2 points, or 0.01 percent, with 23,579 contracts changing hands. S&P 500 e-minis were up 1.75 points, or 0.08 percent, with 207,073 contracts traded. Nasdaq 100 e-minis were up 4.25 points, or 0.09 percent, on 26,376 contracts.

Revenue growth remains a key influence. American Express shares were up 2.5 percent premarket after revenue rose for the first time in five quarters, while Mattel sank 5.3 percent after sales fell.

D.R. Horton and Southwest Airlines were up about 2.5 percent each after both joined other companies that reported profits ahead of estimates.

Qualcomm shares were down 2 percent at $51.03 after the chipmaker forecast its profit below estimates.

Travelers fell 3.3 percent to $112 after the property and casualty insurer reported a 17 percent fall in profit.

Data showed jobless claims unexpectedly fell to 247,000 last week, compared with the rise to 263,000 expected, suggesting the labor market continued to gain momentum despite weak economic growth.

Several key companies are slated to report after the market closes on Thursday, including Alphabet, Starbucks, Microsoft and Visa.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don Sebastian)