US STOCKS-Wall Street tracks flat open as earnings counter China data gloom

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* Coca-Cola rises on better-than-expected revenue
* AmEx, Schlumberger gain on upbeat profit reports
* China's GDP growth grinds to near three-decade low
* Futures: Dow up 0.07%, S&P 500 up 0.06%, Nasdaq flat

(Updates market action, adds comments)
By Shreyashi Sanyal
Oct 18 (Reuters) - Wall Street was set to open flat on
Friday, as upbeat earnings reports calmed nerves about the
global economy after China expanded at its weakest pace in
almost 30 years.
Investors are closely watching the health of the world's
second-largest economy as the prolonged trade war with the
United States fuels fears about a global recession. While global equities fell on the third-quarter report, a
raft of robust earnings from Coca-Cola Co KO.N , American
Express Co AXP.N and Schlumberger NV SLB.N lifted the mood.
Coca-Cola Co KO.N shares gained 2.8% premarket after the
beverage maker beat analysts' expectations for quarterly sales.
Credit card issuer American Express Co AXP.N and oilfield
services provider Schlumberger reported better-than-expected
profits. Their shares rose 2% and 1.4%, respectively.

"The move is a mix of a lot of things which aren't all that
negative or all that positive. It will be a quiet day, mainly
driven by some earnings reports," said Randy Frederick, vice
president of trading and derivatives for Charles Schwab in
Austin, Texas.
The S&P 500 .SPX and Dow Jones Industrial Average .DJI
indexes were on pace to post their second week of gains, as the
third-quarter earnings season kicked off on a strong note.
Analysts still expect third-quarter S&P 500 earnings to have
fallen by 2.9%, according to Refinitiv data, the first
contraction since mid-2016.
"The pessimism around the onset of earnings season was too
strong but because of that, there is plenty of room for
companies to outperform," Frederick added.
At 8:32 a.m. ET, Dow e-minis 1YMcv1 were up 20 points, or
0.07%. S&P 500 e-minis EScv1 were up 1.75 points, or 0.06% and
Nasdaq 100 e-minis NQcv1 remained unchanged.
Johnson & Johnson JNJ.N slipped 2.7% after 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.
Department store stores and other apparel retailers took a
hit after Credit Suisse said weak third-quarter retail trends
could continue into fall and holiday season. The brokerage downgraded shares of Macy's M.N , Gap Inc
GPS.N and L Brands LB.N to "underperform", pushing their
shares down 4.6% and 6.5%. Nordstrom JWN.N , Kohl's Corp
KSS.N and Hanesbrands HBI.N also fell between 2% and 5%.
Shares of online broker E*Trade Financial Corp ETFC.O rose
4.8% after it posted better-than-expected quarterly profit and
revenue.
Caterpillar Inc CAT.N dropped 1.1% after Morgan Stanley
downgraded the industrial giant's shares to "equal-weight",
citing growing risks from weakening demand heading into 2020.