* Data could firm pointer to timing of rate hike
* King Digital, El Pollo Loco slumps after results
* Tesla rises after increasing share offering size
* U.S. crude oil slumps to 6-1/2 year low
* Futures down: Dow 37 pts, S&P 5 pts, Nasdaq 12 pts (Adds details, comment, updates prices)
By Tanya Agrawal
Aug 14 (Reuters) - Wall Street was set to open lower on Friday ahead of the release of a raft of economic data that could give a clearer idea of when the Federal Reserve will raise interest rates.
The Dow and the S&P 500 were on track to post slight gains for the week, but the Nasdaq was poised to close lower in a choppy week that saw China devalue its currency, hitting markets and derailing predictions of a rate hike.
Most traders and economists are expecting a September rate hike, but macro concerns have prompted some to argue that the Fed may wait until December to hike interest rates for the first time in nearly a decade.
“If China calms down, we’re going to have the potential for a rate hike in the U.S. on the table again, and that could be the next drag on markets,” said Markus Huber, senior equity sales trader at Peregrine & Black.
S&P 500 e-minis were down 5 points, or 0.24 percent, with 150,234 contracts traded at 8:35 a.m. ET (1235 GMT).
Nasdaq 100 e-minis were down 12 points, or 0.27 percent, on volume of 23,677 contracts, while Dow e-minis were down 37 points, or 0.21 percent, with 17,533 contracts changing hands.
Wall Street had ended flat on Thursday as a drop in energy shares offset a rebound in retail sales and Cisco’s stronger-than-expected results.
Energy stock could be under pressure again as U.S. crude oil fell to its lowest in almost 6-1/2 years on Friday.
As concerns regarding China abate for the time being, investors turn their focus on a raft of data scheduled for release on Friday.
U.S. factory output is expected to have advanced 0.4 percent in July, compared to a 0.1 percent drop in June. The Fed is expected to say industrial output increased 0.3 percent last month. The data is expected at 9:15 a.m. ET.
The University of Michigan will issue consumer sentiment data for August at 10 a.m. ET. Economists forecast the number to come in at 93.5 from last month’s 93.1.
With the second-quarter earnings season almost at a close, Corporate America’s profit is estimated to have increased 1.2 percent, while revenue is expected to have slipped 3.5 percent, according to Thomson Reuters estimates.
King Digital’s shares slumped 11.1 percent to $13.51 in premarket trading, while El Pollo Loco fell 17 percent to $15.23 a day after the companies reported quarterly results.
Apple slipped 0.3 percent to $114.79 after Bloomberg reported that the iPhone maker will delay its live TV service to at least next year.
Tesla Motors rose 1.7 percent to $246.58 after the electric car maker said it was looking to raise about $642.5 million through a share sale, above the $500 million it announced on Thursday.
J.C. Penney was up 3.8 percent at $8.38 after the department store operator reported a smaller-than-expected quarterly loss. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D‘Souza)