US STOCKS-Wall Street pressured by J&J, global growth concerns

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* Coca-Cola rises on better-than-expected revenue
* J&J slides on move to recall a batch of baby powder
* Schlumberger gains on upbeat profit report
* China's GDP growth grinds to near three-decade low
* Indexes off: Dow 0.28%, S&P 500 0.15%, Nasdaq 0.50%

(Adds comments, updates market action)
By Shreyashi Sanyal
Oct 18 (Reuters) - Wall Street edged lower on Friday, set to
end a strong week on a downbeat note, as heavyweight Johnson &
Johnson slipped and worries over global economic growth were
rekindled by gloomy data out of China.
The world's second-largest economy expanded at its weakest
pace in almost 30 years in the third quarter amid a bitter trade
war with the United States, which has roiled financial markets
and fueled fears of a global recession.
"China data just adds to the continued slowing global growth
concept that has been out there for a while," said Chris
O'Keefe, managing director at Logan Capital Management in
Ardmore, Pennsylvania.
A 4.2% fall in shares of Johnson & Johnson JNJ.N also
pressured the blue-chip Dow Jones Industrial Average .DJI and
the S&P 500 .SPX indexes.
The healthcare conglomerate said it would recall a single
lot of its baby powder in the United States after the Food and
Drug Administration found trace amounts of asbestos in samples
taken from a bottle purchased online. Limiting losses was a raft of robust earnings. Coca-Cola Co
KO.N shares gained 2.7% after the beverage maker beat
analysts' expectations for quarterly sales, while Schlumberger
SLB.N rose as profit beat estimates. "Coke is being innovative and Pepsi also had
stronger-than-expected earnings. Overall, these companies are
benefiting from the strength of the consumer," O'Keefe added.
The consumer staples sector .SPLRCS rose 0.5%, while
energy stocks .SPNY gained 0.1%.
American Express Co AXP.N posted quarterly profit above
expectations and reaffirmed its 2019 earnings forecast, but
shares of the credit card issuer slipped 0.7%. The Dow Jones Industrial Average .DJI was down 74.85
points, or 0.28%, at 26,951.03, while the S&P 500 .SPX was
down 4.45 points, or 0.15%, at 2,993.50. The Nasdaq Composite
.IXIC was down 40.40 points, or 0.50%, at 8,116.46.
The upbeat start to the earnings season has put the S&P 500
and Dow indexes on track for their second straight week of
gains, while the Nasdaq .IXIC was set to rise for the third
week in a row.
Of the 73 S&P 500 companies to report results so far, 83.6%
have topped earnings expectations.
Investors are now gearing up for earnings from technology
companies next week, including those from Microsoft Corp
MSFT.O and Intel Corp INTC.O .
Analysts still expect third-quarter S&P 500 earnings to have
fallen by 3.1%, according to Refinitiv data, the first
contraction since mid-2016.
Macy's M.N , Gap Inc GPS.N and L Brands LB.N led losses
among S&P 500 companies, with declines ranging between 5% and 8%
after Credit Suisse downgraded their shares and said weak
third-quarter retail trends could continue into fall and holiday
season.
Declining issues outnumbered advancers for a 1.01-to-1 ratio
on the NYSE and for a 1.33-to-1 ratio on the Nasdaq.
The S&P index recorded 20 new 52-week highs and one new low,
while the Nasdaq recorded 40 new highs and 32 new lows.