US STOCKS-Wall St eyes subdued open as global growth fears intensify

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* Weak data from China, Germany, Japan spark growth concerns
* Cisco falls on disappointing outlook
* Walmart gains after raising profit forecast
* Fed Chair Powell to testify at 10 a.m. ET
* Futures off: 0.20%, S&P 0.23%, Nasdaq 0.28%

(Adds comments, updates market action)
By Arjun Panchadar
Nov 14 (Reuters) - The S&P 500 and the Dow Jones Industrial
Average looked set to retreat from record levels on Thursday, as
weak data from major economies and a dour forecast from Cisco
rekindled fears of a global slowdown.
Cisco Systems Inc CSCO.O fell 5.9% after the network gear
maker said current-quarter revenue would fall 3% to 5% amid
declining global spending on its routers and switches, some of
which are made in China. A prolonged U.S.-China trade war has disrupted supply chains
and hit economic growth around the world. Fresh data from the
Labor Department on Thursday showed producer prices increased by
the most in six months in October. The data follows fairly upbeat signals about the economy,
including better-than-expected job growth in October and an
acceleration in services sector activity.
"The U.S. economy continues to do well and it does appear
the slow path may be coming to an end, but you are still growing
close to 2%, which is not excessively strong," said Peter
Cardillo, chief market economist at Spartan Capital Securities
in New York.
"However, it's better than what we are seeing in other parts
of the world, like the eurozone in particular."
Data on Thursday showed China's factory output growth slowed
significantly more than expected in October and Germany barely
avoided a recession, while Japan's economy ground to a near
standstill. Hopes of a resolution to the dispute spurred Wall Street to
record highs this month, but President Donald Trump recently
tempered expectations with the threat of more tariffs if China
failed to reach a deal.
China said on Thursday the two sides were holding "in-depth"
trade discussions, and cancelling tariffs was an important
condition to reaching a deal. All eyes are on Federal Reserve Chair Jerome Powell's
testimony before the House Budget Committee on Thursday after
his comments about a "sustained expansion" ahead for the U.S.
economy supported stock markets in the previous session.
A fairly better-than-expected corporate earnings season has
also contributed to the stocks rally, with the benchmark S&P 500
index on course for its sixth straight weekly increase.
At 8:46 a.m. ET, Dow e-minis 1YMcv1 were down 55 points,
or 0.2%. S&P 500 e-minis EScv1 were down 7.25 points, or 0.23%
and Nasdaq 100 e-minis NQcv1 were down 23.5 points, or 0.28%.
Walmart Inc WMT.N rose 1.9% as the world's biggest
retailer reported better-than-expected third-quarter U.S.
comparable sales on higher spending at its stores and website
and raised its annual earnings outlook. Viacom Inc VIAB.O gained 2.9% after the MTV-owner topped
quarterly profit estimates, helped by a rise in domestic
advertising revenue. But Kraft Heinz Co KHC.O dropped 2% after a report that
Goldman Sachs had downgraded the food and beverage maker's stock
to "sell".