Wall St set to slip as caution prevails before big corporate earnings
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Boeing gains after offering new wage deal
Humana climbs after report Cigna resumes merger talks
114 S&P 500 companies to report results this week
Futures down: Dow 0.15%, S&P 500 0.27%, Nasdaq 0.45%
Updated at 8:25 a.m. ET/1225 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 21 (Reuters) - Wall Street's main indexes were poised to dip on Monday following the previous week's rally, ahead of major earnings reports that could influence whether indexes retreat from record highs or sustain the momentum.
Benchmark 10-year Treasury yields rose as high as 4.13%, pressuring rate-sensitive growth stocks.
All the so-called Magnificent Seven group of stocks slipped in premarket trading, led by a 1.1% fall in Tesla TSLA.O, while Nvidia NVDA.O dropped 0.3% and Apple AAPL.O lost 0.4%.
Meanwhile, BoeingBA.N jumped 3% on news that workers could vote on a new deal to end a costly five-week-long strike. The planemaker is scheduled to report results later this week.
Dow E-minis 1YMcv1 were down 66 points, or 0.15%, U.S. S&P 500 E-minis EScv1 were down 15.75 points, or 0.27% and Nasdaq 100 E-minis NQcv1 were down 91.25 points, or 0.45%.
A broadly positive start to the quarterly earningsseason, upbeat economic data and continued optimism around Federal Reserve rate cuts had propelled indexeshigher over the past two weeks.
The Dow Jones Industrial Average .DJI and the benchmark index .SPX notched up record closing highs on Friday. Both indexes, along with the Nasdaq, logged a sixth consecutive week of gains in their best winning streak so far this year.
"What we're seeing today is a market that is basically taking a bit of a breather and probably consolidating some of those strong gains that we had last week," said Peter Cardillo, chief market economist, Spartan Capital Securities.
"The market last week closed at record highs and despite the run up in yields... remains resilient because of the fact that the earnings are coming in better than expected."
Among S&P 500 companies, 114 are expected to report quarterly earnings this week, including International Business Machines IBM.N, Tesla TSLA.O and Coca-Cola KO.N. Results from Texas Instruments TXN.O will turn the spotlight on the chip sector.
Among S&P 500 companiesthat reported as of Friday, 83.1%beat earnings estimates versus the 79.1% average of the previous four quarters, according to data compiled by LSEG.
However, risks such as rising geopolitical tensions in the Middle East, gains in Treasury yields and some volatility ahead of the upcoming U.S. presidential election are pressuring equities.
In broader markets, trades expected to perform well if Republican candidate Donald Trump wins in November were catching bids, as polls showed the former U.S. president's chances improving.MKTS/GLOB
"As the election date approaches, even small changes in tight polls could drive seemingly erratic swings in market sentiment," Danske Bank analysts said.
Spirit Airlines SAVE.N skyrocketed 36% after the company reached an agreement to extend a debt refinancing deadline by two months.
Humana HUM.N gained 4.6% after a report said Cigna CI.N had resumed merger talks with the health insurer.
Home sales, flash PMI and durable goods reports are on the data docketthis week, as is the Federal Reserve's Beige Book.
Fed officials Neel Kashkari, Jeffrey Schmid and Mary Daly are scheduled to speak on the day.
Pre-election market moves https://reut.rs/4f8LQXi
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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