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Futures off: Dow 0.55%, S&P 500 0.67%, Nasdaq 0.85%

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Nike ( NKE ) dips on bleak revenue outlook

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Micron forecasts upbeat quarterly revenue

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S&P 500, Dow set for weekly gains

(Updates before market open)

By Pranav Kashyap and Johann M Cherian

March 21 (Reuters) -

Wall Street was set to open lower on Friday as investors

continued to navigate the complex landscape of tariffs, with

FedEx ( FDX ) becoming the latest firm to

adjust

its annual projections due to economic uncertainties.

FedEx ( FDX ) fell 9% in premarket trading, while peer UPS

slipped 1.9%. Delivery firms are often seen as a

barometer for the global economy given their involvement in a

wide range of industries.

The Dow Jones Transport Index, a barometer of U.S.

economic health, has fallen nearly 18% from its all-time peak

and was teetering on the brink of its longest weekly losing

streak in over a year.

In an interview, Chicago Federal Reserve President

Austan Goolsbee

noted

that the current conditions could "maybe" a shock to the

economy, highlighting the importance for the Fed to know the

duration of the tariffs and any potential retaliatory measures.

Lingering fears of a prolonged global trade war,

threatening to unravel economic stability and squeeze corporate

profits, have cast a shadow over the markets, leading investors

to tread carefully around riskier assets.

Markets now await President Donald Trump's plans on

reciprocal and sectoral tariffs that are expected to take effect

in early April.

Commenting on the impact of tariffs, Commerzbank analysts

wrote, "this only serves to create uncertainty among companies,

which are increasingly putting their plans for new jobs and

investment on hold."

At 8:42 a.m. ET, U.S. S&P 500 E-minis were down 38.5

points, or 0.67%, Nasdaq 100 E-minis were down 169.75

points, or 0.85%, and Dow E-minis were down 229 points,

or 0.55%.

Nevertheless, on a weekly scale, the benchmark S&P 500 index

is on course to achieve a 1.1% gain, marking its first

weekly rise in five weeks and potentially ending its longest

losing streak in over a year.

The blue-chip Dow is positioned to secure its biggest

weekly advance in over two months, should gains persist.

Earlier in the week, investors took some comfort from

comments of Fed Chair Jerome Powell, who said that the overall

economy was on solid footing. However, he warned that the

decision to leave interest rates unchanged stemmed from a cloudy

outlook on the impact from Trump's policies.

This week also witnessed other central banks including the

Bank of Japan and the Bank of England adopting a cautious tone,

underscoring the unpredictable economic outlook attributed to

escalating trade tensions.

Traders are pricing in approximately 70 basis points of rate

cuts from the Fed this year, with a 70% likelihood of a 25 basis

point cut at the upcoming June meeting, according to data

compiled by LSEG.

Among other movers, Nike ( NKE ) fell 7.2% after the sports

apparel maker projected a sharper decline in fourth-quarter

revenue than analysts had anticipated.

Micron Technology ( MU ) swung between gains and losses and

was last down 3.2%. The chip maker forecast third-quarter

revenue above Street estimates.

Growth stocks, still reeling from the recent market rout,

slipped. Apple ( AAPL ) lost 1.3%, Amazon.com ( AMZN ) dipped

0.8%, while Nvidia ( NVDA ) lost 1.1%. The tech-heavy Nasdaq

is on track to record its longest weekly losing streak

in nearly three years.

Investors will also monitor insights from New York Fed

President John Williams at 09:05 a.m. ET.

Friday's session also marks the simultaneous expiry of

quarterly derivatives contracts tied to stocks, index options

and futures, also known as "triple witching".