US STOCKS-Wall St set to open lower on weak China data, oil prices
* Oil prices retreat; China factory activity slows
* Nike hit by downgrade, Under Armour by forecast cut
* Michael Kors jumps on strong sales growth
* Futures down: Dow 71 pts, S&P 7.8 pts, Nasdaq 13.8 pts (Adds details, comment, updates prices)
By Tanya Agrawal
June 1 (Reuters) - Wall Street looked set to begin the month in the red on Wednesday as falling oil prices and weak factory data from China worried investors as they try to anticipate the timing of the next U.S. rate hike.
China's official factory activity gauge expanded only marginally in May, data showed, while a private survey showed conditions deteriorated for a fifteenth straight month.
"This data are a barometer, to many, of economic activity and growth," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. "Any hiccup, any speed bump in China will thwart upside activity."
Oil prices fell on expectations of OPEC inaction on output as its focus stays firmly on market share, while concerns about China's economy weighed on the demand outlook. Continuación...