* Bernanke edges closer to winning 2nd term
* Apple, Texas Instruments results on tap
* Wal-Mart's Sam's Club unit to cut 11,200 jobs
* Futures up: Dow 65 pts, S&P 6.2 pts, Nasdaq 5.75 pts
* For up-to-the-minute market news, click []
(Updates prices, adds quote)
By Ryan Vlastelica
NEW YORK, Jan 25 (Reuters) - U.S. stock index futures
pointed to gain at the open on Monday after the worst 3-day
slide in 10 months following fears a White House plan to curb
risk-taking by banks would cut profits.
Embattled U.S. Federal Reserve Chairman Ben Bernanke edged
closer to winning support for a second term after the U.S.
Senate Republican leader predicted confirmation. Bernanke's
prospects appeared shaky last week, when two Senate Democrats
announced their opposition, contributing to the equity
sell-off. For details, see []
Earnings season continues with tech stocks in focus because
of reports from Apple Inc <AAPL.O> and Texas Instruments Inc
<TXN.N>.
"Wall Street is breathing a sigh of relief as it appears
Bernanke will be reconfirmed, removing the uncertainty about
who will be the gate-keeper at the Fed," said Andre Bakhos,
president of Princeton Financial Group in North Brunswick, New
Jersey.
"There's also some early-week optimism for good numbers in
the earnings season, which could shed some light onto the state
of the consumer."
S&P 500 futures <SPc1> gained 6.9 points and were above
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 <DJc1> surged 65
points, while Nasdaq 100 futures <NDc1> added 5.75 points.
Sam's Club, the warehouse club division of Wal-Mart Stores
Inc <WMT.N> said it would cut about 11,200 jobs, or 10 percent
of its work force, as it outsources in-store product
demonstrations and eliminates positions used to recruit new
business members. Sam's Club said on Sunday it doesn't see any
"material impact" from the layoffs. []
Eaton Corp <ETN.N> reported fourth-quarter earnings that
beat expectations, and forecast a rebound in profits this year.
[]
Results from Halliburton Co <HAL.N> and AK Steel Holding
Corp <AKS.N> are also on tap for Monday, with Dow components
Boeing Co <BA.N>, Johnson & Johnson <JNJ.N> and Travelers Co
<TRV.N> expected to report later in the week.
December U.S. existing home sales data is due at 10 a.m.
[] from the National Association of Realtors. Sales are
forecast to fall month-over-month by 10 percent to an annual
rate of 5.9 million units.
"If home sales come in significantly below expectations, we
could see our gains erode," Bakhos said. "The market has been
hyper-sensitive to data, especially important numbers like
this."
In overseas trading, Japan's Nikkei average <> hit a
four-week closing low on Monday, with exporters such as Toyota
Motor Corp <7203.T><TM.N> among the biggest losers, while
European stocks were down slightly in morning trade, as
investors eased up after last week's steep, three-session
sell-off.
Markets erased gains for the new year last week, with the
Dow dropping 4.1 percent, the S&P 500 losing 3.9 percent and
the Nasdaq tumbling 3.6 percent. It was the worst week for the
S&P 500 and Nasdaq since October and the worst week for the Dow
since March.
(Editing by Padraic Cassidy)
