* Factory orders data due
* Japan Airlines to talk to Boeing about compensation
* Futures: Dow off 17 pts, S&P off 3.1 pts, Nasdaq up 1.25
By Chuck Mikolajczak
NEW YORK, Feb 4 U.S. stock index futures slipped
on Monday, after the S&P 500 hit a five-year high and the Dow
rose above 14,000 for the first time since October 2007 ahead of
factory orders data and another round of corporate earnings.
* The benchmark S&P index rose 5 percent for January,
with about half of the gains coming in the session after U.S.
legislators successfully sidestepped the "fiscal cliff" of tax
increases and spending cuts which threatened to derail the
* The gains left the index roughly 60 points away from its
all-time intraday high of 1,576.09.
* Investors will look to December factory orders data for
signs of economic improvement. Economists in a Reuters survey
expect a rise of 2.2 percent compared with an unchanged reading
* Economic data has pointed to a modest recovery in the
U.S., but the data has not been strong enough to upset investor
expectations the Federal Reserve will continue its stimulus
* On the earnings side, a number of companies including
Anadarko Petroleum Corp, Yum! Brands Inc and
Clorox are due to report quarterly results.
* S&P 500 futures fell 3.1 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures lost 17
points, and Nasdaq 100 futures added 1.25 points.
* According to Thomson Reuters data, of the 239 companies in
the S&P 500 that have reported earnings through Friday, 68
percent have reported earnings above analyst expectations, above
the 62 percent average since 1994 and the 65 percent average
over the past four quarters.
* Overall, S&P 500 fourth-quarter earnings are expected to
rise 3.8 percent, according to the data. That estimate is above
the 1.9 percent forecast at the start of earnings season, but
well below the 9.9 percent fourth-quarter earnings forecast on
* Japan Airlines Co Ltd said it will talk to Boeing
Co about compensation for the grounding of the 787
Dreamliner, adding that the idling of its jets would cost it
nearly $8 million from its earnings through to the end of March.
* Chevron Corp dipped 0.6 percent to $115.80 in
premarket trade after UBS cut its rating on the Dow component to
* European shares were flat to slightly higher, supported by
Wall Street's rise to a five-year peak on Friday, although
short-term gains looked stretched as major indexes hovered near
* Asian shares climbed to 18-month highs after U.S. data
showed some promise of a credible recovery but not strong enough
to threaten the Federal Reserve's easing plans, while momentum
also gained on firmer manufacturing data from Europe and China.