US STOCKS-Futures drop on concerns over spiraling fallout of Huawei crackdown

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* Futures fall: Dow 0.47%, S&P 0.57%, Nasdaq 1.20%

By Shreyashi Sanyal
May 20 (Reuters) - U.S. stock index futures fell on Monday,
as fears over the impact on major technology companies from
Washington's crackdown on China's Huawei Technologies added to
concerns over worsening trade dispute between the world's two
biggest economies.
Apple Inc's shares AAPL.O were down 2.4% premarket, while
U.S. suppliers of Huawei HWT.UL including Qualcomm QCOM.O ,
Micron Technology MU.O and Broadcom Inc AVGO.O fell about
3%.
An HSBC warning that higher prices for Apple's products
following the increases in China tariffs could have "dire
consequences" on demand also pressured the iPhone maker's stock.
Huawei was officially added to a trade blacklist by the
Trump administration on Thursday, escalating the already bitter
trade war between the two parties, while China on Monday accused
the United States of harboring "extravagant expectations" for a
trade deal. Alphabet Inc's GOOGL.O Google has suspended some business
with Huawei that requires the transfer of hardware, software and
technical services, Reuters reported over the weekend.
Chipmakers including Intel Corp INTC.O , Qualcomm, Xilinx
Inc XLNX.O and Broadcom have told their employees they will
not supply Huawei until further notice, Bloomberg reported on
Sunday. Shares of Alphabet, Facebook Inc FB.O and Microsoft Corp
MSFT.O were all down 1.1%.
At 7:23 a.m. ET, Dow e-minis 1YMc1 were down 121 points,
or 0.47%. S&P 500 e-minis ESc1 were down 16.25 points, or
0.57% and Nasdaq 100 e-minis NQc1 were down 90.5 points, or
1.2%.
Heightening trade tensions pushed the S&P 500 .SPX and the
Nasdaq .IXIC to their second successive weekly declines on
Friday, while the Dow Jones Industrial Average index .DJI
capped a fourth straight week of losses, the longest such losing
streak in three years.
Investors will also look for comments from a clutch of
retailers reporting this week on the impact of the tariff war.
Home Depot HD.N , Nordstrom JWN.N , Kohl's KSS.N and
Target TGT.N are among retailers scheduled to report.
With 460 of S&P 500 companies having posted first-quarter
results, 75.2% have topped analysts' profit expectations.
Analysts now expect first-quarter earnings growth of 1.4%, a
significant turnaround from the 2% loss expected on April 1,
according to Refinitiv data.
Also on the radar is Federal Reserve Chairman Jerome
Powell's speech on "Assessing Risks to our Financial System" at
an Atlanta Federal Reserve Bank conference at 7 p.m. ET (2300
GMT).