US STOCKS-S&P 500, Dow set for tepid open as Sino-U.S. ties worsen

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* Snap Inc falls after disappointing user growth
* Texas Instruments gains on strong revenue forecast
* Check Point Software up after profit beats
* Futures: Dow down 0.15%, S&P off 0.11%, Nasdaq up 0.22%

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By Medha Singh
July 22 (Reuters) - The S&P 500 and Dow were set to open
lower on Wednesday as an escalation in tensions between United
States and China offset optimism about another round of fiscal
stimulus for the virus-stricken economy.
Washington has told China to close its consulate in Houston,
both countries said on Wednesday, deepening a deterioration in
bilateral relations, and a source said Beijing was considering
shutting down the U.S. consulate in Wuhan. The move was made "in order to protect American intellectual
property and American's private information", U.S. State
Department spokeswoman Morgan Ortagus said in a statement.
"We have enough uncertainty related to the coronavirus and
the heating up of dispute between China and U.S. is not helping
matters," said Sam Stovall, chief investment strategist at CFRA
Research in New York.
The news comes after three straight days of gains for the
S&P 500 and record highs for the tech-heavy Nasdaq, on hopes for
an eventual COVID-19 vaccine and a batch of positive quarterly
results.
The benchmark index is about 4% below its record closing
high hit in February.
As the second-quarter earnings season continues, investors
are looking for clues to gauge how long it would take for
companies to emerge from the economic damage due to the
pandemic.
U.S. Republicans and Democrats remained far apart on Tuesday
on how much to spend on the next round of coronavirus relief as
they raced to craft a legislation before unemployment insurance
for Americans thrown out of work expire by the end of this
month. Chipmaker Texas Instruments Inc TXN.O rose 1.3% as it
forecast third-quarter revenue above estimates, while network
security provider Check Point Software Technologies Ltd CHKP.O
gained 6.1% after reporting a better-than-expected quarterly net
profit. Both the companies benefited from a global shift to
work-from-home during the pandemic.
"One reason for the enthusiasm that investors have had with
tech stocks is because they are coming through in terms of
maintaining their earnings growth and advancing revenue
increases," Stovall said.
Investors will also keep an eye out for quarterly results
from Tesla Inc TSLA.O and Microsoft Corp MSFT.O after
markets close.
At 8:17 a.m. ET, Dow e-minis 1YMcv1 were down 40 points,
or 0.15% and S&P 500 e-minis EScv1 were down 3.5 points, or
0.11%. Nasdaq 100 e-minis NQcv1 were up 24 points, or 0.22%.
Pfizer Inc PFE.N jumped 4.8% as the drugmaker and German
biotech firm BioNTech SE 22UAy.F said they would get $1.95
billion from the U.S. government to produce and deliver 100
million doses of their COVID-19 vaccine candidate. Snap Inc SNAP.N declined 6.8% as it forecast fewer
current-quarter users than estimates and said the initial lift
in user growth at the start of coronavirus-led lockdowns
dissipated faster than it expected.