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Futures down: Dow 0.95%, S&P 500 1.00%, Nasdaq 1.25%

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Wells Fargo ( WFC ) gains on Q3 profit beat

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Citigroup ( C/PN ) profit climbs on record revenue

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Fed Chair Powell to speak later in the day

(Updates before markets open)

By Sukriti Gupta and Twesha Dikshit

Oct 14 (Reuters) -

Wall Street's main indexes were set to open lower on Tuesday

as renewed concerns over a U.S.-China trade conflict dampened

sentiment, while investors parsed results from big U.S. banks,

which kicked off the third-quarter reporting season.

BlackRock's ( BLK )

hit a record

$13.46 trillion and JPMorgan Chase ( JPM ) raised its

full-year forecast for net interest income after beating

expectations for third-quarter profit. Still, BlackRock's ( BLK ) shares

fell 0.7% premarket and JPMorgan ( JPM ) dipped 1.1%.

Goldman Sachs ( GS ) fell 2.9% despite

beating Wall Street expectations

for quarterly profit.

Citigroup ( C/PN ) and Wells Fargo ( WFC ) shares bucked the

trend to rise 0.8% and 3.6% after reporting quarterly results.

"The most important thing to think about is not the

actual earnings, which in large part were better across the

board ... but all of them are also trading at or near all-time

highs," said Art Hogan, chief market strategist at B Riley

Wealth, on why many lenders' shares were lower despite reporting

strong quarterly results.

The earnings reports will help investors assess the impact

of tariffs on corporate America and offer fresh clues on the

economy at a time when major official data releases remain

delayed due to an ongoing government shutdown.

Analysts on average expect S&P 500 companies' third-quarter

earnings to grow 8.8% from a year ago, according to LSEG data.

At 8:50 a.m. ET, Dow E-minis were down 441 points,

or 0.95%, S&P 500 E-minis were down 67.25 points, or

1%and Nasdaq 100 E-minis were down 313.5 points, or

1.25%.

Markets had rebounded in the previous session after

President Donald Trump's conciliatory tone on trade tensions

with China as well as Treasury Secretary Scott Bessent's

comments that the U.S.-China meet later this month remained on

track.

On Tuesday, Washington and Beijing began charging additional

port fees on ocean shipping firms that move everything from

holiday toys to crude oil, reviving trade frictions.

Trump's threats to impose additional 100% tariffs on Chinese

goods on Friday over Beijing's rare earths export controls

injected volatility back into markets and knocked Wall Street's

main indexes off their record levels.

The AI-driven momentum and optimism around U.S. rate cuts

have driven stock markets to record highs.

On Tuesday, investor focus will also be on Federal Reserve

Chair Jerome Powell's speech at the NABE annual meeting for

further insight into the U.S. central bank's monetary policy

path.

Among other moves, shares of U.S. rare earth miners rose

premarket, adding to sharp gains in the previous session.

Critical Metals rose 35.5%, USA Rare Earth ( USAR )

gained 11.7% and MP Materials ( MP ) advanced 6.8%.

Broadcom ( AVGO ) lost 2.4% premarket after surging

almost 10% on Monday when it partnered with OpenAI to produce

the startup's first in-house artificial intelligence processors.

Reuters on Tuesday

reported

that Broadcom ( AVGO ) was launching a new networking chip.

U.S.-listed shares of Chinese companies fell. Alibaba Group

, JD.com and PDD Holdings ( PDD ) declined 3.9%,

2.5%, and 2.1%, respectively.