US STOCKS-Wall St set to slip as tech rally pauses, jobless claims elevated

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* Weekly jobless claims slip below 1 mln
* Tesla drops for the third straight day
* Apple Inc drops about 2% for the second day
* Futures: Dow up 0.06%, S&P dips 0.3%, Nasdaq down 1.1%

(Adds comment, details; updates prices)
By Medha Singh and Devik Jain
Sept 3 (Reuters) - The S&P 500 and Nasdaq were set to ease
from record levels at the open on Thursday as a rally in
technology stocks cooled and elevated levels of weekly jobless
claims fueled worries about a struggling U.S. labor market.
The number of Americans filing for weekly jobless claims
fell more than expected to 881,000 in week ended Aug. 29, easing
from 1 million in the previous week. The government's closely
watched monthly payrolls report is set for Friday. "We're going to struggle to put people back to work, it's
going to be another three to four years and then we have to
sustain it," said Greg Hahn, chief investment officer at
Winthrop Capital Management in Indiana.
Wall Street has rallied in recent weeks with the S&P 500 and
Nasdaq hitting new closing highs, driven by the strength in
tech-focused companies and unprecedented fiscal and monetary
stimulus measures.
The Nasdaq has surged about 80% from its March 23 lows and
the S&P 500 and Dow have gained about 60% from their lows. The
blue-chip Dow needs to advance just about 2% to surpass its
pre-crisis high hit in February.
But signs that the U.S. economic recovery is faltering has
raised concerns about depleting fiscal aid. Investors are
hopeful that the next coronavirus relief bill could be unveiled
in the coming days.
Later in the day, data is likely to show ISM's services
index ticked lower to 57 in August from 58.1.
Shares of Apple Inc AAPL.O , Adobe Inc ADBE.O , Nvidia
Corp NVDA.O and Netflix NFLX.O , which have soared more than
70% this year, slipped between 1.4% and 2.3% in premarket
trading.
Tesla Inc TSLA.O tumbled 6.5%, falling for the third
session.
"There's going to be a rotation at some point in time. There
is this notion that we are closer to a vaccine, and everybody
will get protected and we'll get back to normal by the end of
the year," Hahn said.
At 8:38 a.m. ET, Dow e-minis 1YMcv1 were up 18 points, or
0.06%, S&P 500 e-minis EScv1 were down 12 points, or 0.34% and
Nasdaq 100 e-minis NQcv1 were down 130.25 points, or 1.05%.
PVH Corp PVH.N rose 3.8% after Calvin Klein owner posted a
surprise quarterly profit, boosted by strong online demand for
comfortable and casual clothing during the coronavirus-led shift
to work from home.