Wall St seen opening higher on CPI, earnings

NEW YORK, Apr 17 (Reuters) U.S. stock futures rose on Tuesday, pointing to a higher market open, after data showed an inflation measure rose less than expected in March, while consumer bellwether Coca-Cola Co. reported strong earnings.

Shares of Coca-Cola and health-care company Johnson&Johnson, also a Dow component, rose before the opening bell after they reported profits that beat Wall Street estimates.

And stronger-than-expected housing starts data eased concerns about the subprime mortgage market. For details, see ID:nN16326600 ''These are very positive elements,'' said Brian Gendreau, investment strategist at ING Investment Management in New York.

''It doesn't mean a Fed rate cut is imminent, but a few more reports like these, and it means the Fed is near achieving its goal.'' S&P 500 futures were up 4.2 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were up 31 points and Nasdaq 100 futures rose 5.50 points.

The Labor Department said the consumer price index, excluding food and energy, rose at a muted pace last month.

Shares of Coca-Cola, the world's largest beverage company, rose 1.5 percent to , while Johnson&Johnson's stock gained 1.9 percent to .20 in electronic trade.

Other earnings due on Tuesday include Intel Corp. and International Business Machines Corp., both Dow components and both due after the market's close.

REUTERS DKS RN1906