* P&G, UTC gain after raising full-year forecasts
* McDonald's, Travelers slip on downbeat earnings
* Biogen surges on reviving Alzheimer's drug
* Hasbro takes a hit from tariff threat
* Futures: Dow off 0.06%, S&P 500 up 0.14%, Nasdaq up 0.35%
(Updates market action, adds comments)
By Shreyashi Sanyal
Oct 22 (Reuters) - The S&P 500 and Nasdaq were set to open
higher on Tuesday after a batch of upbeat earnings reports eased
concerns over domestic growth and the fallout from the
U.S.-China trade war, but weak results from McDonald's looked
set to weigh on the Dow index.
The benchmark S&P 500 index .SPX closed above 3,000 points
in the previous session, just shy of its record high hit in
July, as investors cheered signs of progress toward a resolution
of the bitter spat between the world's two biggest economies.
Strong corporate earnings since last week have provided some
respite to equity markets, which were rattled over the past few
months by geopolitical worries and a slowing global economy.
"It's been a pretty good season so far, but I always caution
people the early announcers have a tendency to be better than
the later ones, so those numbers come down throughout the
season," said Randy Frederick, vice president of trading and
derivatives for Charles Schwab in Austin, Texas.
Procter & Gamble Co PG.N gained 4.3% in premarket trading
after raising full-year forecasts and beating Wall Street
estimates. Harley-Davidson Inc HOG.N jumped 7.1% as it beat quarterly
profit expectations, while United Technologies Corp UTX.N
gained 1.8% on a forecast raise.
However, early market action showed a slight decline in Dow
e-minis 1YMcv1 as McDonald's Corp MCD.N slipped 3.3% after
missing Wall Street expectations for quarterly sales at its
established U.S. outlets.
Another Dow component, Travelers Companies Inc TRV.N fell
4% after the property and casualty insurer fell short of
quarterly profit expectation.
Of the 75 S&P 500 companies that have reported results by
Monday, over 80% had topped Street estimates. Still, analysts
expect the first earnings contraction since 2016 in the backdrop
of a slowing domestic economy and the trade war.
The threat of tariffs on toys imported from China hit
toymaker Hasbro Inc's HAS.O quarterly profit as shipping and
warehousing costs soared. Its shares tumbled 13.8% before the
bell. At 8:33 a.m. ET, Dow futures were down 17 points, or 0.06%.
S&P 500 e-minis EScv1 were up 4.25 points, or 0.14% and Nasdaq
100 e-minis NQcv1 were up 28 points, or 0.35%.
Among other stocks, Biogen Inc BIIB.O surged nearly 37%
after the drugmaker announced a surprise plan to file for U.S.
regulatory approval for its Alzheimer's treatment. Bristol-Myers Squibb Co BMY.N was trading 4.8% higher on
positive data from a late-stage lung cancer trial. Shares of
rival Merck & Co Inc MRK.N slipped 2.7%.
Homebuilder PulteGroup Inc PHM.N rose 1.5% after reporting
better-than-expected third-quarter profit and revenue as lower
mortgage rates boosted demand.