US STOCKS-Futures toned down after previous session's jump; data, earnings in focus

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Updates with results from GE Aerospace, Elevance

By Johann M Cherian and Sukriti Gupta

Jan 23 (Reuters) - U.S. stock index futures were flat-to-slightly lower on Thursday, as investors paused after Wall Street's strong performance in the previous session and focused on corporate earnings, economic data and President Donald Trump's remarks - all lined up through the day.

At 7:12 a.m. ET, Dow E-minis 1YMcv1 were up 29 points, or 0.07%, S&P 500 E-minis EScv1 were down 11.5 points, or 0.19%, and Nasdaq 100 E-minis NQcv1 were down 123 points, or 0.56%.

The S&P 500 .SPX and the blue-chip Dow .DJI logged their sixth session of advances out of seven on Wednesday, with the benchmark index notching an intraday record high for the first time in over a month.

Trump's multi-billion show of support for artificial intelligence infrastructure, along with Netflix's NFLX.O strong results, provided the latest tailwind for markets, which had been recovering since last week after data showed underlying inflation was cooling despite robust economic activity.

In premarket trading, AI darlings Nvidia NVDA.O dropped 1.7% and Microsoft MSFT.O dipped 0.7%, while chip stocks such as Advanced Micro Devices AMD.O and Broadcom AVGO.O slipped 1.1% each.

Uncertainty about Trump's trade plans prevailed as he said tariffs on imports from Canada, Mexico, China and the European Union could be announced on Feb. 1, although analysts expect April 1 to be the date when major tariff plans will be unveiled.

All eyes will be on Trump's virtual appearance at the World Economic Forum in Davos at 11:00 a.m. ET.

"One new area of interest may be the international tax code, where he could potentially tariff (countries) trying to enact the (Organization for Economic Cooperation and Development's) Global Minimum Tax – clearly something on the mind of his tech industry sponsors," said analysts at ING Bank.

Trump pulled the U.S. out of the OECD tax deal on Monday. Tariff imposition could threaten a global trade war, upside price pressures and slow down the Federal Reserve's pace of monetary policy easing.

Traders expect the central bank to leave interest rates unchanged for the first half of 2025, according to data compiled by LSEG. A moderate rise in longer-dated Treasury yields US10YT=RR, US30YT=RR also limited gains among stocks.

On the economic data front, economists expect a Labor Department report, due at 8:30 a.m. ET, to show jobless claims stood at 220,000 in the previous week, which could also reflect some impact from wildfires in California.

Among top movers, GE Aerospace GE.N advanced 5.9% after it forecast 2025 profit above estimates on robust aftermarket demand.

Elevance ELV.N rose 4.2% after beating estimates for fourth-quarter profit, partly helped by lower-than-expected spending on medical care for its members.

Results from Elevance boosted other health insurers such as UnitedHealth Group UNH.N, Centene CNC.N, CVS Health CVS.N and Humana HUM.N, rising between 1.4% and 2.6%.

American Airlines AAL.O lost 7.5% after it forecast 2025 profit below expectations .

Electronic Arts EA.O was down 15% after the videogame publisher cut its forecast for annual bookings, citing weakness in its established soccer franchise.

Micron MU.O dropped 3.6% after South Korean rival SK Hynix 000660.KS warned of steeper demand declines in its commodity memory chips used in smartphones and computers.