US STOCKS-Wall St set to open lower after FedEx profit warning; Fed on tap

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* Fed policy decision expected at 2:00 p.m. ET
* FedEx tumbles 11%
* Adobe down after tepid revenue forecast
* U.S. housing starts jump to 12-year high in August
* Futures down: Dow 0.07%, S&P 0.10%, Nasdaq 0.12%

(Adds comment, details; update prices)
By Medha Singh
Sept 18 (Reuters) - Wall Street was set to open lower on
Wednesday, pressured by FedEx's profit warning, while investors
waited for the Federal Reserve's decision on interest rates in
what has been a rocky week for global markets.
FedEx Corp FDX.N , an economic bellwether, fell about 11%
in premarket trading as strong competition from Amazon.com Inc
AMZN.O added to woes from the U.S.-China trade war, hitting
the package delivery company's quarterly profit. The Federal Reserve is expected to lower interest rates by a
quarter percentage point for the second time in three months and
provide clues on whether further monetary easing would be in
order.
But a deep divide among policymakers has seen traders
abandon all bets on a third reduction this year. The Fed's
policy statement is due at 2:00 p.m. ET (1800 GMT) followed by
Chair Jerome Powell's address a half hour later.
"The focus is going to be on the policy statement,
specifically whether or not he gives any indication if this is a
shift in policy or another mid-cycle rate cut," said Robert
Pavlik, chief investment strategist and senior portfolio manager
at SlateStone Wealth LLC in New York.
Shares of interest-rate sensitive lenders Bank of America
Corp BAC.N and JPMorgan Chase & Co JPM.N slipped about 0.5%.
The wider banking index .SXPBK had closed down 0.6% on
Tuesday in anticipation of the rate cut and after an unexpected
squeeze on short-term money market borrowing costs. Expectations of lower rates have spurred a Wall Street rally
this year, with the benchmark S&P 500 .SPX now less than 1%
below its all-time high.
Equity markets came under pressure on Monday after attacks
on Saudi Arabia's largest oil refinery sparked concerns about a
supply shortage, leading to a spike in oil prices. However, a
reassurance by Saudi Arabia that it would quickly restore full
production calmed investor nerves.
At 9:05 a.m. ET, Dow e-minis 1YMcv1 were down 18 points,
or 0.07%. S&P 500 e-minis EScv1 were down 3 points, or 0.1%
and Nasdaq 100 e-minis NQcv1 were down 9.25 points, or 0.12%.
Adobe Inc ADBE.O fell 3.1% after the Photoshop software
maker forecast tepid revenue for the current quarter.
General Mills Inc GIS.N dropped 0.5% after missing
quarterly sales expectations, hit by weak demand for its yogurt
and snacks in the U.S domestic market. Latest data showed U.S. homebuilding surged to more than a
12-year high in August, suggesting that lower mortgage rates
were finally providing a boost to the struggling housing market.