US STOCKS-Wall Street set to drop at open as trade worries persist
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* Trade sensitive chipmakers, Boeing, Caterpillar fall
* Expedia jumps after quarterly profit beats
* Mattel soars, Hasbro falls after results
* Futures fall: Dow 0.40 pct, S&P 0.45 pct, Nasdaq 0.71 pct (Changes comment, adds detail, updates prices)
By Medha Singh
Feb 8 (Reuters) - Wall Street was set for a lower opening onFriday, as a lack of progress on the U.S.-China trade talksahead of a looming deadline added to investor nerves overslowing global growth.
Another round of talks is set for next week in Beijing, butPresident Donald Trump on Thursday fanned worries when he saidhe did not plan to meet Chinese President Xi Jinping before theMarch 1 deadline set for reaching a trade pact. urn:newsml:reuters.com:*:nL1N2020Z6
If the two countries fail to reach an agreement by then,additional U.S. tariffs on Chinese imports will come into force.
"Investors are experiencing another hiccup in the tradetalks and with the March deadline approaching fast, they arebeing a tad cautious," said Andre Bakhos, managing director atNew Vines Capital LLC in Bernardsville, New Jersey.
The trade tensions and the latest signs of slowing growtharound the world sent Wall Street's main indexes sharply loweron Thursday, pulling them down from the two-month highs they hitearlier this week.
Trade bellwethers Caterpillar IncCAT.N and Boeing CoBA.N fell about 0.8 percent each in premarket trading, whilechip stocks, which rely on China for a large chunk of theirrevenue, also slipped.
Advanced Micro Devices IncAMD.O , Micron Technology IncMU.O and Intel CorpINTC.O slipped between 0.7 percent and2.5 percent.
Adding to chipmakers' woes was Qorvo IncQRVO.O , whichfell 5.5 percent after the Apple IncAAPL.O supplier forecastquarterly results below Wall Street estimates on weakness insmartphone markets.
The heavy-weight FAANG group - Facebook IncFB.O ,Amazon.com IncAMZN.O , Apple Inc, Netflix IncNFLX.O andAlphabet Inc GOOGL.O - shed between 0.7 percent and 1.6percent.
"The market is reducing exposure in some of these big namesfor no other reason than to take some profits and remove somerisk until we find a better scenario with tariffs," Bakhos said.
At 8:30 a.m. ET, S&P 500 e-minis ESc1 were down 0.45percent. Dow e-minis 1YMc1 were down 0.4 percent and Nasdaq100 e-minis NQc1 were down 0.71 percent.
Since mounting concerns over a global economic slowdowntriggered a massive sell-off in December, U.S. stocks haverecovered sharply this year, spurred by a dovish FederalReserve, hopes of a U.S.-China trade deal and largely positivefourth-quarter earnings.
The earnings season has crossed its halfway mark, with 71percent of the S&P 500 companies that have reported beatingprofit estimates, according to IBES data from Refinitiv.
However, concerns remain about slowing earnings growth inthe coming quarters. Growth forecast for the current-quarter hasdropped to 0.1 percent from 5.3 percent at the start of theyear.
Expedia Group Inc shares EXPE.O climbed 6.6 percent afterthe online travel booking company reported abetter-than-expected quarterly profit.
Mattel Inc's shares MAT.O jumped 16.7 percent after thetoymaker posted a surprise quarterly profit, while rival HasbroInc HAS.O tumbled 6.5 percent after its quarterly revenuemissed expectations. urn:newsml:reuters.com:*:nL3N2023TRurn:newsml:reuters.com:*:nL3N20325S (Reporting by Medha Singh and Amy Caren Daniel in Bengaluru;Editing by Sriraj Kalluvila) ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,outside U.S. +91 80 6749 1130; Reuters Messaging:email@example.com))
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