By Chuck Mikolajczak
NEW YORK (Reuters) - U.S. stock index futures slipped on Monday, after the S&P 500 hit a five-year high and the Dow rose above 14,000 for the first time since October 2007 ahead of factory orders data and another round of corporate earnings.
The benchmark S&P index <.SPX> rose 5 percent for January, with about half of the gains coming in the session after U.S. legislators successfully sidestepped the "fiscal cliff" of tax increases and spending cuts which threatened to derail the economic recovery.
The gains left the index roughly 60 points away from its all-time intraday high of 1,576.09.
Investors will look to December factory orders data for signs of economic improvement. Economists in a Reuters survey expect a rise of 2.2 percent compared with an unchanged reading in December.
Economic data has pointed to a modest recovery in the U.S., but the data has not been strong enough to upset investor expectations the Federal Reserve will continue its stimulus policy.
On the earnings side, a number of companies including Anadarko Petroleum Corp <APC.N>, Yum! Brands Inc <YUM.N> and Clorox <CLX.N> are due to report quarterly results.
S&P 500 futures fell 3.1 points and were 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 lost 17 points, and Nasdaq 100 futures added 1.25 points.
According to Thomson Reuters data, of the 239 companies in the S&P 500 that have reported earnings through Friday, 68 percent have reported earnings above analyst expectations, above the 62 percent average since 1994 and the 65 percent average over the past four quarters.
Overall, S&P 500 fourth-quarter earnings are expected to rise 3.8 percent, according to the data. That estimate is above the 1.9 percent forecast at the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast on October 1.
Japan Airlines Co Ltd <9201.T> said it will talk to Boeing Co <BA.N> about compensation for the grounding of the 787 Dreamliner, adding that the idling of its jets would cost it nearly $8 million from its earnings through to the end of March.
Chevron Corp <CVX.N> dipped 0.6 percent to $115.80 in premarket trade after UBS cut its rating on the Dow component to "Neutral.
European shares were flat to slightly higher, supported by Wall Street's rise to a five-year peak on Friday, although short-term gains looked stretched as major indexes hovered near multi-year highs. <.EU>
Asian shares climbed to 18-month highs after U.S. data showed some promise of a credible recovery but not strong enough to threaten the Federal Reserve's easing plans, while momentum also gained on firmer manufacturing data from Europe and China.
(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)
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