August 15, 2018 / 12:54 PM / 4 months ago

US STOCKS-Wall St set for lower open as Turkey, trade tensions weigh

* Macy’s falls after results, weighs on retailers

* 29 Dow Industrial components trading in the red premarket

* Oil prices slide, Exxon and Chevron fall

* Futures down: Dow 0.61 pct, S&P 0.57 pct, Nasdaq 0.80 pct (Adds comment, details; updates prices)

By Amy Caren Daniel

Aug 15 (Reuters) - U.S. stock index futures pointed to a lower opening on Wednesday, with investors weighing the impact of Turkey’s currency crisis as well as the escalating tariff tensions between the United States and its trading partners.

While the lira continues to pull back from record lows against the dollar, Turkey doubled tariffs on some U.S. imports including alcohol, cars and tobacco in retaliation to U.S. moves.

Meanwhile, Beijing has lodged a complaint to the World Trade Organization to help determine the legality of U.S. tariff and subsidy policies.

“Markets are going back into the cautious trend that we were in prior to yesterday,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

“China’s complaint escalates the trade squirmish to the next level, which continues to be a drag on the markets as it has been over the last couple of months.”

Shares of trade-sensitive companies were the first to be hit, with 29 of the 30 companies on the Dow Jones Industrial Average in the red in premarket trading. Caterpillar dropped 0.8 percent and Boeing slipped 0.7 percent.

E-commerce giant Alibaba fell 3.2 percent, JD.com was down 5.2 percent and Baidu 2.5 percent.

Adding to the downbeat sentiment was a slide in oil prices due to a gloomier global economic outlook and a report of rising U.S. crude inventories, even as U.S. sanctions on Tehran threatened to curb Iranian crude oil supplies.

Shares of oil producers Exxon and Chevron, both members of the Dow Jones Industrial Average, slipped.

At 8:43 a.m. ET, Dow e-minis were down 155 points, or 0.61 percent. S&P 500 e-minis were down 16.25 points, or 0.57 percent and Nasdaq 100 e-minis were down 59.5 points, or 0.8 percent.

Intel slid 0.5 percent after disclosing three more possible flaws in some of its microprocessors.

Macy’s fell 5.3 percent after posting quarterly results and weighed on shares of other retailers.

Nordtrom fell 1.6 percent and JC Penney 3.4 percent. Both companies are due to report results on Thursday.

Data showed U.S. retail sales rose more than expected in July as households boosted purchases of motor vehicles and clothing, suggesting the economy remained strong early in the third quarter.

Retailers make up the majority of the S&P 500 companies yet to report results. Of the 458 companies that have reported so far, 79 percent have beaten analysts’ estimates, according to Thomson Reuters I/B/E/S.

Industrial production data at 9:15 a.m. ET is forecast increasing 0.3 percent in July, after it was up 0.6 percent in June, boosted by a sharp rebound in manufacturing and further gains in mining output. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)

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