* China faces persisting deflationary pressure in Oct
* Apple falls as Credit Suisse reports components order cut
* Gap falls after Oct comparable sales disappoints
* Futures down: Dow 19 pts, S&P 2.8 pts, Nasdaq 19.25 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Nov 10 (Reuters) - U.S. stock indexes were set to open lower on Tuesday, a day after their steepest drop in six weeks, as investors braced for an interest-rate hike and worried about China’s economic health.
China’s October inflation data on Tuesday showed persisting, if not intensifying, deflationary pressure. That followed disappointing trade data out of the world’s second-largest economy over the weekend.
Worries about a slowdown in China, one of the United States’ top trade partners, will weigh on investors ahead of the crucial holiday shopping season as the country is a key market for many U.S. companies, especially Apple.
Apple’s shares fell 2.4 percent to $117.70 premarket after Credit Suisse said the iPhone maker had lowered component orders by as much as 10 percent.
U.S. stocks closed lower on Monday, with the Dow Jones industrial average slipping into negative territory for the year.
The three major U.S. indexes are coming off a six-week rally buoyed by better-than-expected earnings reports that helped lift Wall Street sentiments.
“Being that the market is not on firm footing, this market is susceptible to profit taking and a consolidation period after this quite impressive rally off of the lows in late September,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
At 8:54 a.m. ET (1354 GMT), S&P 500 e-minis were down 2.75 points, or 0.13 percent, with 181,018 contracts traded.
Nasdaq 100 e-minis were down 19.25 points, or 0.41 percent, on volume of 29,109 contracts. Dow e-minis were down 19 points, or 0.11 percent, with 25,118 contracts changing hands.
Global stocks also ticked lower as the dollar rose to a seven-month high on the possibility that the U.S Federal Reserve will raise rates next month, as is widely expected after Friday’s strong U.S. jobs report.
Nearly 90 percent of S&P 500 companies have reported quarterly results so far, with 70 percent beating profit estimates, compared with the 63 percent that typically top estimates in a quarter, according to Thomson Reuters data.
Gap fell 7.4 percent to $25.65 after its comparable sales fell more than expected in October.
Rockwell Automation fell 5.5 percent to $101.90 after its quarterly results missed estimates.
D.R. Horton rose 1.8 percent to $29.30 after its quarterly profit jumped 44 percent.
Barrett Business slumped 33.7 percent to $34.99 after its auditor found evidence of an illegal act regarding workers’ compensation expense reserve. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D‘Souza)