3 Min Read
* Goldman Sachs profit doubles, shares rise
* Consumer prices and industrial production data due
* Futures mixed: S&P flat; Dow up 10 pts; Nasdaq up 2 pts
By Angela Moon
NEW YORK, July 16 (Reuters) - U.S. stock index futures were little changed on Tuesday despite a strong earnings report from Goldman Sachs as the market took a breather after the S&P 500 ended higher for eight straight sessions.
In other earnings, Coca-Cola Co, a Dow component, reported lower quarterly earnings, below the company's expectations. Coke's stock fell 3 percent to $39.80 in premarket trading.
Investors were also cautious before a batch of data on consumer prices, industrial production and housing. The reports come a day before Federal Reserve Chairman Ben Bernanke give the Fed's semiannual testimony before the House Financial Services Committee.
Markets will be parsing his words for clues on when the Fed may start reducing its bond-buying program.
Goldman Sachs Group Inc's quarterly profit doubled as the bank made more money trading bonds before an interest-rate spike hit markets in June. Its shares were up 1.3 percent at $165.13. Citigroup's strong earnings the day before helped push the S&P 500 to a higher close, which was the longest streak since mid-January.
"I think obviously once again we're seeing another company beating estimates and that's good news, but I think the market is probably going to take a breather today ahead of Bernanke's testimony and some of the economic data," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
Goldman's net income rose to $1.86 billion, or $3.70 per share, from $927 million, or $1.78 per share, in the comparable quarter a year earlier.
In other earnings, Coca-Cola Co, a Dow component, reported lower quarterly earnings, below the company's expectations and causing the stock to fall in premarket trading. Coke cited challenging global economic conditions. Net income dipped to $2.68 billion, or 59 cents per share, in the second quarter, from $2.79 billion, or 61 cents per share, a year earlier.
Consumer price data for June is scheduled for 8:30 a.m. (1230 GMT) and the industrial production data is due at 9:15 a.m.. The National Association of Home Builders housing market index for July is due at 10 a.m.
S&P 500 futures were little changed and in line 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 rose 10 points, and Nasdaq 100 futures added 2 points.
On Monday, the Dow Jones industrial average and the S&P 500 finished at record closing highs for the third consecutive session. The Nasdaq scored its highest close since September 2000.
European shares edged down on Tuesday, slipping back after rallying from 2013 lows over the last two weeks, with Telecom Italia falling due to uncertainty over the company's plans to spin off its fixed-line network.