US STOCKS-Wall St set for sharp declines on lack of stimulus details

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* Futures shrug off BoE rate cut, CPI data
* U.S. lenders JPMorgan, Morgan Stanley fall
* Futures down: Dow 3.07%, S&P 3.21%, Nasdaq 2.84%

(Adds comment, updates prices)
By Medha Singh and Sanjana Shivdas
March 11 (Reuters) - U.S. stock indexes were on track to
open sharply lower, with the S&P 500 on the edge of confirming
bear market territory, on skepticism about President Donald
Trump's stimulus plan to combat the coronavirus outbreak.
Expectations that Trump would announce "major" stimulus
measures helped Wall Street rebound on Tuesday from a bruising
sell-off at the start of the week, as a plunge in oil prices
compounded fears of a global recession.
While Trump met with fellow Republicans in the U.S. Senate
on Tuesday and discussed a payroll tax cut, no concrete measures
have been announced. Any plan the White House introduces will
need to be approved by both houses of the U.S.
Congress. "This has to be a co-ordinated effort," said Kim Forrest,
chief investment officer at Bokeh Capital Partners in
Pittsburgh.
"The President cannot unilaterally take action. He needs
Congress, which is the financing arm of the government."
The rapid spread of the virus has galvanized central banks
and governments to roll out measures to cushion its fallout. The
Bank of England became the latest central bank to cut interest
rates. MKTS/GLOB
Gold, a perceived safe haven asset, rose 1% as fears over
the economic toll of the outbreak weighed on sentiment. GOL/
The U.S. Federal Reserve is expected to cut rates for the
second time this month when it meets next week, pressuring
Treasury yields further. US/
Rate-sensitive U.S. lenders tumbled, with Citigroup Inc
C.N , JPMorgan Chase & Co JPM.N and Morgan Stanley MS.N
down between 2.2% and 3.7% in premarket trade.
At 9:05 a.m. ET, Dow e-minis 1YMcv1 were down 763 points,
or 3.07%. S&P 500 e-minis EScv1 were down 92 points, or 3.21%
and Nasdaq 100 e-minis NQcv1 were down 236.25 points, or
2.84%.
Goldman Sachs predicted a 28% slump for the benchmark S&P
500 .SPX from its February peak as virus concerns escalate.
On Wednesday, the index was set to open about 18% below its
all-time high hit just three weeks ago. If it slips below 20%
during trading hours, it will confirm bear market territory.
Nike Inc NKE.N fell 5.2% after rivals Adidas ADSGn.DE
and Puma PUMG.DE flagged a sales hit in China due to the
outbreak.
DXC Technology Co DXC.N jumped 9.7% after the IT and
consulting services provider said it would sell its healthcare
technology business to private equity firm Veritas Capital for
$5 billion.