US STOCKS-Futures slip as US-China trade worries persist

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* Futures down: Dow 0.09%, S&P 0.20%, Nasdaq 0.13%

By Amy Caren Daniel
May 28 (Reuters) - U.S. stock index futures dipped on
Tuesday following an extended weekend as investors took a
cautious stance after President Donald Trump signaled that the
United States and China are far from a trade agreement.
Trump on Monday said he was "not yet ready" to make a deal
with China but he expected one in the future. The back-and-forth
between the two sides has sparked worries that the protracted
trade war would lead to a global economic slowdown.
The benchmark S&P 500 index .SPX as of Friday's close was
about 4% off its record high hit on May 1, while the bluechip
Dow Jones Industrial index .DJI posted its fifth straight week
of decline.
Investors are also concerned that China might opt to
weaponize its holdings of more than $1.1 trillion worth of U.S.
Treasuries to retaliate against the U.S. tariffs imposed on
Chinese imports. Apple Inc's AAPL.O shares were 0.5% lower in premarket
trading as Citigroup slashed iPhone unit sales saying the trade
situation would result in a slowdown of demand for the phones in
China.
At 6:45 a.m. ET, Dow e-minis 1YMc1 were down 23 points, or
0.09%. S&P 500 e-minis ESc1 were down 5.75 points, or 0.2% and
Nasdaq 100 e-minis NQc1 were down 9.75 points, or 0.13%.
Among other stocks, FedEx Corp FDX.N fell 0.7% after
Chinese telecoms equipment maker Huawei Technologies Co
Ltd HWT.UL said it is reviewing its relationship with the U.S.
package delivery company, after it diverted two parcels destined
for Huawei addresses in Asia to the United States. Gilead Sciences GILD.O dropped 1.7% after Goldman Sachs
downgraded its shares to "sell" from "neutral", saying the
drugmaker has very limited mid-to-late stage pipelines.
Activision Blizzard Inc ATVI.O rose 2.7% after Goldman
Sachs upgraded the videogame publisher's stock to "buy" and said
the company would benefit from its recent game releases.
A report from the U.S. Conference Board due at 10 a.m. ET,
is expected to show the consumer confidence index rising to a
reading of 130 in May from 129.2 in April.