* Wells Fargo shares off, profit higher than estimates
* Boeing drops as Dreamliner hit by two more incidents
* Best Buy shares choppy after flat holiday sales report
* Futures: Dow off 7 pts, S&P down 1 pt, Nasdaq off 1 pt
By Rodrigo Campos
NEW YORK, Jan 11 (Reuters) - U.S. stock index futures were
little changed on Friday, a day after the S&P 500 hit a
five-year high and following higher-than-expected results from
Wells Fargo, the first major U.S. bank to post
earnings this season, reported a higher fourth-quarter profit on
Friday as it set aside less money to cover bad loans and made
more fees from mortgages. Still, its shares fell 1.1 percent to
$35 in premarket trading.
Basic materials shares could be hurt after China's annual
consumer inflation rate picked up to a seven-month high,
narrowing the scope for the central bank to boost the economy by
easing monetary policy.
"The bigger news lies ahead of us in terms of earnings and
also reports on Christmas sales, which seem to be poor so far,"
said Rick Meckler, president of investment firm LibertyView
Capital Management in Jersey City, New Jersey.
Best Buy shares were volatile in premarket trading
after it reported flat holiday sales at established U.S. stores.
Shares were last up 4.8 percent at $12.80.
Meckler said that in the absence of major news, the market
will continue to absorb some of the money that comes in from
institutional investors at the start of the year, which could
give equities an upside bias.
S&P 500 futures dipped 1 point and were slightly
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 fell 7
points, and Nasdaq 100 futures lost 1 point.
American Express said it would take a $600-million
quarterly charge relating to 5,400 job cuts and payment of legal
bills, a move likely to halve its net income. Its shares dipped
0.5 percent in premarket trading to $60.51.
Boeing's 787 Dreamliner jet was dogged by further
incidents that tested confidence in the new plane. It suffered a
cracked cockpit window and an oil leak on separate flights in
Japan on Friday. The US Department of Transportation said the
jet would be subject to a review of its critical systems by
regulators. Boeing shares fell 1.5 percent to $75.90 in
In a move that could support US equities and boost the
global economic outlook, the Japanese government approved a
massive $117 billion of spending to revive the world's
third-largest economy in the biggest stimulus plan since the