* January core CPI up 0.3 pct, beats estimates
* Nordstrom, VFC Corp down after results
* Applied Materials up on strong forecast
* Futures down: Dow 58 pts, S&P 7 pts, Nasdaq 15 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Feb 19 (Reuters) - U.S. stock indexes were set to fall at the open on Friday after a rally in oil prices fizzled out.
Crude prices fell more than 2 percent, with U.S. crude hovering at $30 per barrel after a record increase in U.S. stockpiles.
Oil prices and the stock market have moved in lockstep for much of the year as investors look at demand for energy for a bearing on global economic health.
European stocks were also pushed back, while Asian shares slipped from near three-week highs.
“Seeing a little bit of a pause from the extremes that we’ve been put through over the past several weeks,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank in New York.
“We’re still anxious to get confirmation of growth and stability,” he said.
A report showed core consumer price index (CPI) rose by a bigger-than-expected 0.3 percent in January, signs of an uptick in price pressures that could allow the Federal Reserve to gradually raise interest rates this year.
At 8:32 a.m. ET (1332 GMT), Dow e-minis were down 58 points, or 0.35 percent, with 35,596 contracts changing hands.
S&P 500 e-minis were down 7 points, or 0.37 percent, with 268,639 contracts traded. Nasdaq 100 e-minis were down 15 points, or 0.36 percent, on volume of 29,591 contracts.
Oil prices rose more than 14 percent in the three days to Thursday after a move by top exporters to freeze oil output at January’s levels. Iran endorsed the plan without commitment on Wednesday.
That fueled a three-day on Wall Street as well, which snapped on Thursday as oil prices fell on U.S. inventory data and as Wal-Mart, the world’s largest retailer, posted disappointing holiday-quarter results.
Shares of Nordstrom were off 8.4 percent at $48.30 premarket after the department store operator’s quarterly profit missed estimates.
VF Corp was down 8.7 percent at $55.90 after the sports apparel and footwear maker posted disappointing results.
Deere was down 3 percent at $77.88 after the tractor maker cut its outlook for the year.
Applied Materials was up 9.5 percent at $18.80 on the chip equipment provider’s buoyant forecast.
Yahoo rose 3.3 percent to $30.39 as the beleaguered internet company’s board formed an independent committee to look at strategic alternatives. (Reporting by Yashaswini Swamynathan and Abhiram Nandakumar in Bengaluru; Editing by Savio D‘Souza)