US STOCKS-Futures flat as earnings pour in; Fed decision looms

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* Futures: Dow and S&P flat, Nasdaq up 0.10%

By Arjun Panchadar
Oct 30 (Reuters) - U.S. stock index futures were little
changed on Wednesday as investors digested a fresh batch of
earnings reports ahead of a widely expected interest rate cut by
the Federal Reserve later in the day.
The central bank has already lowered borrowing costs twice
this year, with a drawn out U.S.-China trade war taking a toll
on the domestic economy and raising fears of a slowdown.
Odds of a rate cut have ballooned to over 97% from about 40%
a month earlier. Hopes of a rate cut and optimism around trade
talks have pushed the benchmark S&P 500 to record highs in the
last two sessions.
Nearly half of the S&P 500 companies have posted quarterly
results so far, of which 77.1% have beaten profit estimates.
Still, analysts are expecting a 1.9% drop in third-quarter
earnings, according to Refinitiv data.
General Electric Co GE.N gained 5.2% in premarket trading
after the industrial conglomerate beat quarterly profit
estimates and raised its cash forecast for the year.
Advanced Micro Devices Inc AMD.O dropped 1.3% after the
chipmaker forecast fourth-quarter sales below expectations.

Before the Fed's policy decision, a Commerce Department's
gross domestic product report is likely to indicate that the
U.S. economy is losing speed, but not tipping into recession.
The data, due at 8:30 a.m. ET, is likely to show U.S.
economy slowed to 1.6% in the third quarter from 2% in the
April-June period. At 7:15 a.m. ET, Dow e-minis 1YMcv1 remained unchanged.
S&P 500 e-minis EScv1 were up 0.75 points, or 0.02% and Nasdaq
100 e-minis NQcv1 were up 7.75 points, or 0.1%.
Among other stocks, Mattel Inc MAT.O surged nearly 20%
after the toymaker reported a surprise jump in quarterly revenue
on higher demand for newer models of its flagship Barbie brand
and dolls based on Korean pop-sensation BTS.
Johnson & Johnson JNJ.N rose 2.8% as the company said 15
new tests found no asbestos in a bottle of baby powder that the
U.S. Food and Drug Administration says tested positive for trace
amounts of asbestos. FDA said it stands by its finding.