US STOCKS-Wall Street set to open slightly higher; Fed decision looms

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* Fed policy decision due at 2 p.m. ET
* AMD falls after revenue forecast disappoints
* GE gains on quarterly profit beat, cash flow forecast
* Mattel surges on surprise jump in quarterly revenue
* U.S. GDP growth slows less than expected in Q3
* Futures: Dow and S&P flat, Nasdaq up 0.16%

(Adds comment, updates market action)
By Arjun Panchadar
Oct 30 (Reuters) - Wall Street was set to open slightly
higher on Wednesday as investors digested another set of
earnings reports ahead of a widely expected interest rate cut by
the Federal Reserve later in the day.
The central bank has already lowered borrowing costs twice
this year, with a drawn out U.S.-China trade war taking a toll
on the domestic economy and raising fears of a slowdown.
The Fed decision is due at 2 p.m. ET followed by a press
conference from Chair Jerome Powell.
Odds of a rate cut have ballooned to over 97% from about 40%
a month earlier. Hopes of a rate cut and optimism around trade
talks have pushed the benchmark S&P 500 to record highs in the
last two sessions.
"Certainly a rate cut is widely factored in," said Scott
Brown, chief economist at Raymond James in St. Petersburg,
Florida. "Most people are looking for some sort of a hint that
this will likely be it for a while."
A Commerce Department report showed U.S. economic growth
slowed less than expected in the third quarter as declining
business investment was offset by resilient consumer spending
and a rebound in exports, which could further allay financial
market fears of a recession. Nearly half of the S&P 500 companies have posted quarterly
results so far, of which 77.1% have beaten profit estimates.
Still, analysts are expecting a 1.9% drop in third-quarter
earnings, according to Refinitiv data.
General Electric Co GE.N gained 8.6% in premarket trading
after the industrial conglomerate beat quarterly profit
estimates and raised its cash forecast for the year.
Advanced Micro Devices Inc AMD.O dropped 0.9% after the
chipmaker forecast fourth-quarter sales below expectations.
Tech heavyweights Apple Inc AAPL.O and Facebook Inc FB.O
as well as coffee chain Starbucks Corp SBUX.O are due to
report after markets close on Wednesday.
At 8:41 a.m. ET, Dow e-minis 1YMcv1 were up 3 points, or
0.01%. S&P 500 e-minis EScv1 were up 1.25 points, or 0.04% and
Nasdaq 100 e-minis NQcv1 were up 12.5 points, or 0.16%.
Among other stocks, Mattel Inc MAT.O surged nearly 21%
after the U.S. toymaker reported a surprise jump in quarterly
revenue on higher demand for newer models of its flagship Barbie
brand and dolls based on Korean pop-sensation BTS. Johnson & Johnson JNJ.N rose 3% as the company said 15 new
tests found no asbestos in a bottle of baby powder that the U.S.
Food and Drug Administration says tested positive for trace
amounts of asbestos. FDA said it stands by its finding.