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* McDonald’s rises on U.S. same-store sales beat
* Merck, Pfizer rise after earnings beat
* Alphabet slips on revenue miss
* FOMC set for two-day meeting
* Futures: Dow up 0.14%, S&P off 0.08%, Nasdaq down 0.31% (Updates prices, adds comments)
By Shreyashi Sanyal
April 30 (Reuters) - Wall Street’s main indexes were on course for a mixed open on Tuesday as investors assessed a barrage of earnings reports, while a slump in shares of Google-parent Alphabet was set to weigh on the Nasdaq.
The S&P 500 on Monday topped its intraday record of 2,940.91 hit on Sept. 21, rising to a session high of 2,949.52. The benchmark index is now up 17.4% for the year.
Hopes of a resolution to the U.S.-China trade war, upbeat earnings and a dovish Federal Reserve have powered the rally in stocks this year, from a steep sell-off in late 2018.
“Markets are at all-time highs. I think investors are starting to question what’s going to take us higher and with numbers like Google, it isn’t something that would excite average investors right now,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.
Alphabet Inc fell 8% in pre-market trading after the company posted its slowest revenue growth in three years.
Apple Inc shares dipped 0.6%, ahead of results later in the day, which will wrap up earnings for the high-growth FAANG stocks.
Lifting Dow futures, McDonald’s Corp gained 2.1% after the company reported a better-than-expected rise in sales at established U.S. restaurants.
Among other gainers on the Dow, Pfizer Inc rose 1% and Merck & Co Inc climbed 1.2% after both the drugmakers reported better-than-expected quarterly earnings.
With earnings now in full swing, analysts expect profits at S&P 500 companies to drop 0.2% in the first quarter, a sharp improvement from a 2% fall estimated at the beginning of the month, according to Refinitiv data.
General Electric Co jumped 7.9% after the industrial conglomerate’s first-quarter profit rose.
At 8:43 a.m. ET, Dow e-minis were up 38 points, or 0.14%. S&P 500 e-minis were down 2.5 points, or 0.08% and Nasdaq 100 e-minis were down 24.25 points, or 0.31%.
U.S. futures and global equities came under pressure earlier on Tuesday, after official and private business surveys suggested slower Chinese factory growth this month, quashing hopes of a steady reading or even a faster expansion.
Investors will also pay close attention to the next two rounds of U.S.-China trade negotiations. U.S. Treasury Secretary Steven Mnuchin said that he hopes to make “substantial progress” with Chinese negotiators.
Also on the radar was the Fed which kicks off a two-day meeting on Tuesday, at the end of which a decision on interest rates will be announced. (Reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)