US pre-open: Stocks seen muted ahead of more earnings; Alphabet on tap

US stocks looked set for a muted open on Monday as investors braced for the release of more earnings, with Google parent Alphabet slated to report.

At 1230 GMT, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all up just 0.1%.

Trade relations between the US and China remained in focus after US President Trump said in an interview with CBS that he sees a "good chance" of reaching a trade deal with China and making progress with North Korea on nuclear disarmament.

"It looks like we're doing very well with making a deal with China. I can tell you this, no two leaders of this country and China have ever been closer than I am with President Xi. We have a good chance to make a deal," he said.

"I don't know that we're going to make one, but we have a good chance. And if it is a deal it's going to be a real deal. It's not going to be a stopgap."

Oanda analyst Craig Erlam said: "This week is likely to be much quieter than the one just passed, with trade in Asia likely to be muted as much of the region celebrates Chinese New Year. Elsewhere it’s unlikely to be much more lively with the major political events - most notably US/China trade talks and Brexit - probably going a bit quieter this week, with talks having taken place last week in Washington and a vote in the UK parliament.

"US earnings season could be more of a factor this week, in the absence of other catalysts. Last week it was tech stocks that were in the spotlight, with companies experiencing mixed fortunes. The bar has been set lower this earnings season following a torrid fourth quarter for equity markets, during which time fears about global and domestic growth surfaced. Alphabet will become the latest tech stock to report today and is one of almost 100 S&P500 companies reporting this week."

In corporate news, Ultimate Software Group surged 18% in pre-market trade after the technology company agreed to be bought by an investor group led by Hellman & Friedman in all-cash deal valued at about $11bn.

Elsewhere, consumer products group Clorox also looked set for gains at the open as its second-quarter profit beat analysts' expectations.

Papa John's rallied ahead of the opening bell as it emerged that activist hedge fund Starboard Value LP will make a $200m investment in the company. In addition, Starboard's chief executive officer, Jeffrey Smith, will replace Papa John's founder John Schnatter as chairman.