January 11, 2013 / 12:40 PM / 6 years ago

US STOCKS-Futures flat ahead of Wells Fargo earnings

* Boeing drops as Dreamliner hit by two more incidents

* Best Buy shares drop after holiday revenue report

* Futures: Dow off 7 pts, S&P down 1 pt, Nasdaq up 1 pt

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 ahead of earnings from Wells Fargo, the first big bank to report this season.

* The Japanese government approved a massive $117 billion of spending to revive the economy in the biggest stimulus since the financial crisis, a move that boosted optimism about the global outlook.

* 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.

* 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 added 1 point.

* American Express said it would cut about 5,400 jobs, or 8.5 percent of its workforce, as it restructures its business and pays legal bills.

* Boeing’s 787 Dreamliner jet suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday - the latest in a series of incidents to test confidence in the new aircraft. Shares fell 1.4 percent to $76 in premarket trading.

* Best Buy shares fell 1.7 percent to $12.00 in premarket trading after it reported flat holiday sales at established U.S. stores.

* The U.S. Commerce Department releases November international trade figures at 8:30 a.m. ET (1330 GMT). Economists in a Reuters poll expect a trade deficit of $41.3 billion in November against a gap of $42.24 billion in October.

* At the same time, the Labor Department releases import-export prices for December. Economists forecast a 0.1 percent rise in imports and an unchanged reading for exports.

* Federal Reserve Bank of Philadelphia President Charles Plosser speaks on the economic outlook before the New Jersey Economic Leadership Forum at 9:30 a.m. ET (1430 GMT).

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