(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* D.R. Horton gains on upbeat 2020 home sales forecast
* Rockwell Automation jumps on profit beat
* Tyson Foods drops after profit, revenue miss
* Trump set to talk in New York on trade policy
* Futures: Dow & S&P flat, Nasdaq up 0.06%
(Adds comments, updates market action)
By Arjun Panchadar
Nov 12 (Reuters) - Wall Street was set to open flat on
Tuesday, as investors looked forward to a speech by President
Donald Trump later in the day for clarity on U.S.-China trade
relations.
Hopes of a resolution to the 16-month long tariff war and a
strong corporate earnings season have pushed Wall Street to
record highs this month.
But sentiment dulled on Monday after Trump indicated that he
would only sign a trade deal if it was the "right deal" for
America. He is scheduled to discuss the country's trade policy
at the Economic Club of New York later on Tuesday. "I can't imagine (Trump) not being optimistic about a trade
deal or on the outlook of the economy," said Peter Cardillo,
chief market economist at Spartan Capital Securities in New
York.
"That should help the market stabilize after yesterday's
small pullback which amounts to just some profit taking and
nothing more ... I should think unless Mr. Trump throws a curve
ball, we could probably resume last week's rally."
Trade-sensitive chipmakers including Micron Technology Inc
MU.O and Nvidia Corp NVDA.O rose between 0.6% and 0.8% in
premarket trading.
The Philadelphia Semiconductor index .SOX hit a record
high last week after reports that Washington and Beijing were
prepared to roll back existing tariffs in phases. However, Trump
contradicted those reports on Friday.
The third-quarter earnings season has also been largely
better than expected. About three quarters of the S&P 500
companies that have reported results have topped analysts'
profit expectations, according to IBES data from Refinitiv.
Big firms including Walmart Inc WMT.N , Nvidia and Cisco
Systems Inc CSCO.O are due to report later this week.
Also on the list is the next round of economic data,
including October retail sales and industrial production, as
well as comments by Federal Reserve Chair Jerome Powell on the
domestic economic outlook.
At 8:40 a.m. ET, Dow e-minis 1YMcv1 were up 7 points, or
0.03%. S&P 500 e-minis EScv1 remained unchanged and Nasdaq 100
e-minis NQcv1 were up 4.75 points, or 0.06%.
D.R. Horton Inc DHI.N rose 2.6% as the No.1 U.S.
homebuilder topped expectations for profit and revenue in the
fourth quarter and forecast 2020 home sales above analysts'
estimates. Shares of Craft Brew Alliance Inc BREW.O more than doubled
after brewer Anheuser-Busch Inbev NV ABI.BR said it would take
complete ownership of the Portland-based brewing company in a
deal valuing it at about $321 million. Rockwell Automation Inc ROK.N jumped 10% as the factory
automation equipment maker beat fourth-quarter profit
expectations, helped by higher organic sales. Tyson Foods Inc TSN.N , however, fell 1.2% after missing
quarterly sales and profit estimates as a fire at one of its
slaughterhouses hit volumes in its beef business, the company's
biggest segment.