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* Netflix falls after forecast disappoints
* IBM down after revenue misses
* China's Q1 growth unexpectedly steadies
* Futures up: Dow 0.11%, S&P 0.17%, Nasdaq 0.27%
By Amy Caren Daniel
April 17 (Reuters) - U.S. stock index futures inched higheron Wednesday, buoyed by upbeat economic data from China, butgains were capped by disappointing quarterly reports fromNetflix and IBM.
China's economy grew at a steady 6.4 percent pace in thefirst quarter, defying expectations for a further slowdown, asindustrial production jumped sharply and consumer demand showedsigns of improvement.
The data, along with semiconductor equipment maker ASMLASML.AS forecasting faster growth due to demand from China,pushed U.S. chipmakers higher in premarket trading.
Intel CorpINTC.O , Advanced Micro DevicesAMD.O andNvidia Corp NVDA.O gained between 0.5% and 3.6%.
Qualcomm IncQCOM.O jumped 5.2% after the company won amajor victory in its legal dispute with Apple IncAAPL.O thatcalled for the iPhone to once again use Qualcomm modem chips.
Netflix IncNFLX.O fell 1.1% after the video streamingservice provider's weak forecast unnerved investors just asHollywood's streaming video wars were set to intensify.
International Business Machines CorpIBM.N declined 3.5%after reporting a bigger-than-expected drop in quarterlyrevenue.
At 6:46 a.m. ET, Dow e-minis 1YMc1 were up 28 points, or0.11%. S&P 500 e-minis ESc1 were up 5 points, or 0.17% andNasdaq 100 e-minis NQc1 were up 21 points, or 0.27%.
With earnings season in full swing, analysts now expectfirst-quarter S&P 500 profits to have dropped 1.8% year-on-year,according to Refinitiv data. While a solid improvement overrecent estimates, it would still mark the first earningscontraction since 2016.
Of the 42 S&P 500 companies that have posted so far, 81%have beaten consensus, compared with the 65% average beat rategoing back to 1994.
PepsiCo IncPEP.O rose 2.1% after quarterly results beatWall Street estimates on higher demand for its snacks, low-sugarsodas.
On the economic front, a Commerce Department report, due at8:30 a.m. ET, is expected to show U.S. trade deficit widening to$53.5 billion in February.
The Federal Reserve issues its so-called Beige Book at 2p.m. ET, a compendium of anecdotes on the health of the economy,drawn from the central bank's sources across the nation. (Reporting by Amy Caren Daniel and Sruthi Shankar in Bengaluru;Editing by Sriraj Kalluvila) ((Amy.CarenDaniel@thomsonreuters.com ; within U.S.+1-646-223-8780; outside U.S. +91 80 6749 9250 ; ReutersMessaging: Amy.CarenDaniel.firstname.lastname@example.org;))
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