US STOCKS-Wall St set for gains as Apple, Boeing take focus off coronavirus

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* Apple, Boeing, GE set to boost Wall St at open
* Starbucks slips as coronavirus prompts store closures in
China
* Fed expected to hold rates, statement due at 2:00 pm ET
* Futures up: Dow 0.43%, S&P 0.23%, Nasdaq 0.36%

(Changes comment, details)
By Sruthi Shankar and Ambar Warrick
Jan 29 (Reuters) - Wall Street was set to extend its
recovery on Wednesday as a surge in shares of Apple and Boeing
after their results overshadowed concerns over the economic
impact of a fast-spreading coronavirus.
Apple Inc AAPL.O gained 1.9% in premarket trading after
reporting earnings for the holiday shopping quarter above
analysts' expectations, even as it braced for more supply
disruptions in virus-hit China. Boeing Co BA.N jumped 2.8% after the planemaker's forecast
of nearly $19 billion in costs related to the grounding of its
737 MAX jets was smaller than analysts' expectations.
"When we think about how much Boeing is off in the period
that the 737 MAX has been the story, we're talking about a stock
that was trading at $441 and now its trading at $313 today -
there's been a good deal of this news priced in," said Art
Hogan, chief market strategist at National Securities in New
York.
"The market has shifted gears, at least for today, to focus
on earnings."
China's President Xi Jinping said on Wednesday that
preventing and containing the new coronavirus, which has taken
132 lives and infected 5,974, remained a grim and complex task,
the state television reported. China's economic growth may drop to 5% or even lower due to
the coronavirus outbreak, possibly pushing policymakers to
introduce more stimulus measures, a report quoted a government
economist as saying. After fears about the virus roiled global markets earlier
this week and sent the S&P 500 to its worst day in nearly four
months, U.S. stocks stabilized on Tuesday amid hopes of strong
earnings reports.
At 8:51 a.m. ET, Dow e-minis 1YMcv1 were up 123 points, or
0.43%. S&P 500 e-minis EScv1 were up 7.5 points, or 0.23% and
Nasdaq 100 e-minis NQcv1 were up 33 points, or 0.36%.
General Electric GE.N jumped 7.2% after the industrial
conglomerate reported quarterly profit and cash flow that
exceeded analysts' estimates, boosted by its aviation
unit. Facebook FB.O , set to report earnings after market close,
was up 1.4% after brokerage Raymond James upgraded the stock to
"strong buy".
The Federal Reserve will conclude its latest policy meeting
on Wednesday with interest rates almost certainly to remain on
hold, but officials are likely to discuss possible changes to
how they manage the central bank's key overnight borrowing rate.
Among decliners, Advanced Micro Devices Inc AMD.O dropped
5.6% after the chipmaker forecast first-quarter revenue largely
below analysts' estimates due to waning demand from gaming
console makers. Starbucks Corp SBUX.O slipped 0.3% after warning of a
financial hit from the virus outbreak as it closed thousands of
restaurants and adjusted operating hours in China.