US STOCKS-Wall Street set for sedate start as trade concerns loom

  • Reuters
  • Stock Market News
US STOCKS-Wall Street set for sedate start as trade concerns loom
Credit: © Reuters.

* Netflix set to open at record on upbeat subscriptions in Q4

* Verizon, J&J up after earnings beat

* Trump slaps import tariffs on washing machines, solar panels

* Futures: Dow up 6 pts, S&P off 1.75 pts, Nasdaq up 4.25 pts (Adds comment, details; updates prices)

By Sruthi Shankar

Jan 23 (Reuters) - Wall Street was poised to open little changed on Tuesday as U.S. President Donald Trump's move to impose steep import tariffs raised concerns that such measures could prompt retaliation and weigh on a revival in international trade.

South Korea and China protested against the duties on washing machines and solar panels, with Seoul saying it would respond to the spread of protectionist measures. don't know if this is the beginning of something larger or if it's something that will escalate into a trade war," said Art Hogan, chief market strategist at B. Riley FBR in Boston.

Hogan also said it sparked fears about U.S. walking away from NAFTA.

NAFTA's future hangs in the balance this week as negotiators from the United States, Canada and Mexico try to settle major differences over revamping a pact that Trump has threatened to abandon. 8:32 a.m. ET (1332 GMT), Dow e-minis 1YMc1 were up 6 points, or 0.02 percent, with 49,425 contracts changing hands.

S&P 500 e-minis ESc1 were down 1.75 points, or 0.06 percent, with 195,106 contracts traded.

Nasdaq 100 e-minis NQc1 were up 4.25 points, or 0.06 percent, on volume of 41,593 contracts.

The major indexes notched record closing highs on Monday after U.S. lawmakers reached a deal to end a three-day federal government shutdown.

Netflix's NFLX.O shares were up 11.7 percent and set to open at a record high after the video-streaming pioneer beat Wall Street targets for new subscribers in the fourth quarter. components Verizon VZ.N and Johnson & Johnson (NYSE: JNJ ) JNJ.N also gained after results.

Verizon VZ.N rose about 4 percent after the No. 1 U.S. wireless carrier reported quarterly revenue that exceeded analyst estimates as phone subscribers grew while tax cuts helped its profits soar. & Johnson reported quarterly earnings slightly above expectations, as the healthcare company gained from demand for new drugs including cancer and psoriasis treatments. the 55 companies in the S&P 500 that have reported through Monday morning, 80 percent have topped expectations, according to Thomson Reuters I/B/E/S.

Shares of Whirlpool (NYSE: WHR ) WHR.N rose 4.1 percent and solar companies such as Real Goods Solar RGSE.O , Sunworks SUNW.O and First Solar FSLR.O rose between 4 percent and 42 percent following the new tariffs.

Markets will be watching the annual gathering of world leaders, policymakers, CEOs and bankers at the World Economic Forum in Davos.

Trump is scheduled to address the closing session on Friday and some analysts expect him to strike a protectionist stance on trade.

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