US STOCKS-Wall St set to drop as tech stocks slide, COVID cases jump

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* Twitter slumps as user growth disappoints
* Under Armour climbs as revenue forecast exceeds
expectations
* Apple, Amazon, Facebook drop after results
* Alphabet rises as businesses resume ad spending
* Futures down: Dow 1.12%, S&P 1.05%, Nasdaq 1.34%

(Adds comment, details; updates prices)
By Medha Singh and Shivani Kumaresan
Oct 30 (Reuters) - Wall Street was set to tumble again on
Friday, triggered by a selloff in tech heavyweights following
their underwhelming business updates, with a record rise in
coronavirus cases and nerves over the presidential election
adding to a downbeat mood.
Apple Inc AAPL.O slid 4% in trading before the opening
bell after it posted the steepest drop in quarterly iPhone sales
in two years due to the late launch of new 5G phones.

Amazon.com Inc AMZN.O fell 1.7% after it forecast a jump
in costs related to COVID-19, while Facebook Inc FB.O shed
1.5% as it warned of a tougher 2021. Google parent Alphabet Inc GOOGL.O , however, climbed 7%
after it beat estimates for quarterly sales as businesses
resumed advertising. "Even though we had relatively sound tech earnings, the
continued concerns over the uncertainty in election and surging
coronavirus cases have taken hold once again," said Ryan
Detrick, senior market strategist at LPL Financial in Charlotte,
North Carolina.
"We wouldn't be shocked to see a bit more (trading) volume
because it is the Friday before the election."
The Dow is headed for its worst week since March as an
explosion in coronavirus cases in the United States and Europe
and uncertainty over the outcome of U.S. election rattled
investors.
Wall Street's fear gauge .VIX held at a 20-week high ahead
of the final weekend before Election Day on Tuesday.
President Donald Trump has consistently trailed Democratic
challenger Biden in national polls for months, but polls in the
most competitive states have shown a closer race. At 08:23 a.m. ET, Dow E-minis 1YMcv1 were down 296 points,
or 1.12%, S&P 500 E-minis EScv1 fell 35 points or 1.05% and
Nasdaq 100 E-minis NQcv1 were down 152.25 points, or 1.34%.
Third-quarter earnings season is past its halfway mark, with
about 84.8% of S&P 500 companies topping earnings estimates,
according to Refinitiv data. Overall, profit is expected to
tumble 13.4% from a year earlier.
Twitter Inc TWTR.N slumped 16% after the micro-blogging
site reported fewer users than expected and warned the U.S.
election could impact ad revenue. Under Armour Inc UAA.N rose 6% as it forecast full-year
revenue above analysts' estimates, boosted by a surge in online
demand for running shoes and other fitness gear.