US STOCKS-Futures gain as Apple earnings take some focus off virus concerns

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* Futures up: Dow 0.35%, S&P 0.37%, Nasdaq 0.49%

By Sruthi Shankar
Jan 29 (Reuters) - U.S. stock index futures rose on
Wednesday as strong results from Apple and other marquee
companies kicked fourth-quarter earnings into top gear and
overshadowed concerns over the economic impact of the
fast-spreading coronavirus.
Apple Inc AAPL.O gained 1.9% in premarket trading after
reporting earnings for the holiday shopping quarter above
analysts' expectations, even as it braced for more supply
disruptions in virus-hit China. U.S. equities stabilized on Tuesday on hopes of strong
corporate earnings reports, helping them recover from a selloff
earlier this week on fears of fallout from the coronavirus
outbreak on global growth.
China's President Xi Jinping said on Wednesday that
preventing and containing the new coronavirus remains a grim and
complex task, the state television reported. The United States and Japan evacuated their nationals from a
quarantined city in China, while British Airways suspended
flights as deaths rose to 132 and the first cases emerged in the
Middle East. Starbucks Corp SBUX.O fell 1.3% after warning of a
financial hit from the virus outbreak as it closed thousands of
restaurants and adjusted operating hours in China. "Global supply chains have proliferated in their size and
complexity, so companies globally have more potential to be
impacted," Seema Shah, chief strategist at Principal Global
Investors, wrote in a note.
The Federal Reserve will conclude its latest policy meeting
on Wednesday with interest rates almost certainly to remain on
hold, but officials are likely to discuss possible changes to
how they manage the central bank's key overnight borrowing rate.
At 7:26 a.m. ET, Dow e-minis 1YMcv1 rose 101 points, or
0.35%. S&P 500 e-minis EScv1 gained 12.25 points, or 0.37% and
Nasdaq 100 e-minis NQcv1 were up 44.25 points, or 0.49%.
Boeing Co BA.N shares rose 1.7% in choppy trading after
the planemaker said it expects more than $18 billion in costs
related to 737 MAX grounding and indicated it would cut
production of its bigger 787 Dreamliner aircraft. Facebook FB.O , set to report earnings after market close,
was up 1.6%. Brokerage Raymond James upgraded the stock to
"strong buy" on hopes of a solid earnings growth.
Advanced Micro Devices Inc AMD.O dropped 4.4% after the
chipmaker forecast first-quarter revenue largely below analysts'
estimates due to waning demand from gaming console makers.
General Electric GE.N jumped 6.5% after the industrial
conglomerate reported quarterly profit and cash flow that
exceeded analysts' estimates, boosted by its aviation
unit.