US STOCKS-Wall St set for muted open as big bank earnings fail to impress

(For a live blog on the U.S. stock market, click LIVE/ ortype LIVE/ in a news window.)

* Goldman Sachs falls after revenue miss

* Citigroup gains after profit beat

* Futures dip: Dow 0.08%, S&P 0.05%, Nasdaq 0.07% (Adds comment, updates prices)

By Amy Caren Daniel

April 15 (Reuters) - Wall Street was set for a subdued openon Monday after earnings from U.S. lenders Goldman Sachs andCitigroup failed to provide a boost, even as reports suggestedof progress in U.S.-China trade talks.

Goldman Sachs Group IncGS.N fell 1.8% after its quarterlyrevenue missed estimates as three of its four main businessesrecorded a drop in revenue.

Meanwhile, Citigroup IncC.N rose 0.9% on abetter-than-expected quarterly profit, boosted by a surge ininvestment banking revenue and lower expenses.

Their results come after JPMorgan Chase'sJPM.N upbeatearnings on Friday eased fears that the first-quarter earningsseason would slam the brakes on Wall Street's big rally backfrom last year's slump, and helped put the benchmark S&P 500 .SPX within a percent of its September record closing high.

"People are sort of looking for direction," said ScottBrown, chief economist at Raymond James in St. Petersburg,Florida.

"We've got a lot of earnings reports coming in, includingthe banks, and they are important because they ought to tell ussomething about the state of the economy."

U.S. negotiators have tempered demands that China curbindustrial subsidies as a condition for a trade deal, sourcestold Reuters, while Treasury Secretary Steven Mnuchin said hehoped the trade talks were approaching a final lap.

At 8:43 a.m. ET, Dow e-minis 1YMc1 were down 20 points, or0.08%. S&P 500 e-minis ESc1 were down 1.5 points, or 0.05%,and Nasdaq 100 e-minis NQc1 were down 5.5 points, or 0.07%.

Of the 29 S&P 500 companies reporting results so far, 79.3%have surpassed first-quarter earnings estimate, above theaverage of past four quarters, according to Refinitiv data.

Analysts expect S&P 500 companies to show a 2.3%year-on-year decline in earnings, their first annual contractionsince 2016.

However, financials are forecast to post earnings growth of3%, among the few sectors estimated to log positive earningsgrowth.

Among other stocks moving premarket, Waste Management IncWM.N rose 3.2%, after the company said it would buy smallerrival Advanced Disposal Services IncADSW.N for about $3billion.

Wells Fargo & CoWFC.N declined 1.5% following multipleprice target cuts after the bank gave a tepid outlook on Friday.

Boeing CoBA.N fell 1.1% after U.S. President Donald Trumpurged the planemaker in a tweet to fix and "rebrand" itstroubled jetliner. Brand consultancy firm Brand Finance saidnegative publicity over the grounding of its 737 MAX jet is setto wipe $12 billion off the company's brand value.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.