Stock futures flat ahead of Wells Fargo earnings

NEW YORK -

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).

(Reporting by Rodrigo Campos; Editing by Bernadette Baum)