* JPMorgan profit jumps in quarter
* UPS falls after lowering profit outlook
* Futures: Dow up 5 pts, S&P off 0.8 pt, Nasdaq up 1.25 pt
By Chuck Mikolajczak
NEW YORK, July 12 (Reuters) - U.S. stocks were set to open
little changed on Friday after closing at fresh record highs a
day earlier, as rosy results from JPMorgan and Wells Fargo were
offset by a profit warning from United Parcel Service.
The S&P 500 index and the Dow industrials
closed at record highs on Thursday, after Federal Reserve
Chairman Ben Bernanke said the U.S. central bank will keep
monetary policy loose for some time to lower the unemployment
JPMorgan Chase & Co, the largest U.S. bank by
assets, advanced 0.4 percent to $55.35 in premarket trading. The
bank reported a 31 percent jump in quarterly profit as trading
Shares of Wells Fargo & Co climbed 1 percent to
percent to $42.30 in premarket trading after the biggest U.S.
mortgage lender reported a higher-than-expected 20 percent rise
in quarterly profit.
But United Parcel Service Inc dropped 4.6 percent to
$87.29 after the world's No.1 package delivery company estimated
second-quarter profit would be below analysts' expectations due
to overcapacity in the world freight market. Rival FedEx Corp
shed 2 percent to $102.35.
"Wells Fargo and JPMorgan have come in with better than
expected numbers. UPS is probably not a surprise given ongoing
downward revisions in guidance," said Fred Dickson, chief market
strategist, D.A. Davidson & Co. Lake Oswego, Oregon.
"We'll go a little bit higher, consolidate gains, maybe take
a little profit going into the weekend and investors are going
to sit back and wait for the tidal wave of earnings next week."
Data showed the seasonally adjusted producer price index
increased 0.8 percent last month, above expectations calling for
a 0.5 percent increase. Excluding volatile food and energy
costs, core producer prices, rose 0.2 percent last month, versus
expectations for a rise of 0.1 percent.
The benchmark S&P index has risen 3.8 percent over the past
six sessions. That's its longest winning streak since early
March, when the index climbed for seven sessions on positive
data, hopes for rosy results and signals from the Fed that it
would continue to backstop the economy.
The Thomson Reuters/University of Michigan Surveys of
Consumers preliminary July consumer sentiment index is scheduled
for release at 9:55 a.m. (1355 GMT). Economists in a Reuters
survey expect a reading of 85.0 compared with 84.1 in the final
S&P 500 futures edged down 0.8 point, about even with
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 added 5
points, and Nasdaq 100 futures gained 1.25 points.
Analysts expect S&P 500 companies' second-quarter earnings
to have grown 2.5 percent from a year earlier, with revenue up
1.5 percent, according to Thomson Reuters data.
U.S.-listed shares of Infosys jumped 8.3 percent to
$47.70 in premarket trade after reporting quarterly results and
maintaining its revenue growth forecast.
Valero Energy Corp dipped 3.5 percent to $33.35
before the opening bell. The U.S. refining company said it
expects lower second-quarter earnings due to a rise in the price
of some of the crude oil it processes.