US STOCKS-Wall Street set for lower open as G7 statement underwhelms

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* G7 vows "all appropriate tools", but no specifics
* Thermo Fisher jumps after $11.6 bln bid for German firm
* Advanced Micro Devices rises after Piper Sandler upgrade
* Futures up: Dow 0.39%, S&P 0.24%, Nasdaq 0.57%

(Adds comments, details; updates prices)
By Medha Singh
March 3 (Reuters) - The Dow Jones Industrials index looked
set to drop more than 100 points at the open on Tuesday after G7
heads stopped short of outlining measures to cushion the
economic blow of the coronavirus epidemic, while assuring policy
support.
Wall Street's main indexes had closed more than 4% higher on
Monday after their worst week since 2008, as central banks in
Japan and the European Union joined the Federal Reserve in
signaling further monetary easing.
But a statement from the meeting of G7 finance ministers and
central bank governors on Tuesday only said they stood "ready to
take actions, including fiscal measures where appropriate".
"The G7 is essentially trying to reassure markets but it
doesn't have the ability to really impact interest rates
directly," said Randy Frederick, vice president of trading and
derivatives for Charles Schwab in Austin, Texas.
As of Monday, traders had fully priced in a 50 basis point
reduction in borrowing costs from the Fed this month, according
to CME Group's FedWatch tool, compared with zero just a week
ago, as the virus spreads faster outside China. "Frankly, futures are overestimating not just the
probability of a cut, but the magnitude of the cut as well,"
Frederick said.
At 8:51 a.m. ET, Dow e-minis 1YMcv1 were up 102 points, or
0.39%. S&P 500 e-minis EScv1 were up 7.5 points, or 0.24% and
Nasdaq 100 e-minis NQcv1 were up 50.25 points, or 0.57%.
Although futures were trading higher just before the bell,
the implied open for Wall Street's main stock indexes was lower.
Healthcare equipment maker Thermo Fisher Scientific TMO.N ,
rose 5% in premarket trading after it launched a $11.6 billion
bid for German genetic testing company Qiagen QIA.DE .
Department store retailer Kohl's Corp KSS.N gained 4.1%
after it beat quarterly profit estimates as partnerships with
online retail giant Amazon.com and others brought in more
shoppers to its stores. Chipmaker Advanced Micro Devices AMD.O rose 2.4% after
Piper Sandler raised the stock to "overweight" on expectations
the company would continue to gain market share from peer Intel
INTC.O over the next several years.
Electric-car maker Tesla TSLA.O rose 6.7% after brokerage
JMP Securities upgraded the stock to "market perform".
Focus will also be on U.S. politics as 14 states hold
primaries on Super Tuesday to choose the Democratic candidate to
challenge Republican President Donald Trump in the Nov. 3
elections.