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US STOCKS-Wall St set to slip as IBM, Intel fall after results

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Devik Jain and Medha Singh
·3 min read
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* IBM hits two-month low on quarterly revenue miss

* Intel slips on avoiding outsourcing embrace

* Senate to vote on Yellen's Treasury secretary nomination

* Futures down: Dow 0.79%, S&P 0.73%, Nasdaq 0.62% (Adds comment; updates share prices)

By Devik Jain and Medha Singh

Jan 22 (Reuters) - Wall Street's main indexes looked set to open lower on Friday after hitting record levels, as shares of blue-chip technology stalwarts Intel and IBM tumbled following their quarterly results.

IBM Corp slumped 8.2% and was the biggest loser among Dow components trading premarket after it missed estimates for quarterly revenue, hurt by a rare sales decline in its software unit.

Intel Corp shed about 5% as new Chief Executive Officer Pat Gelsinger's post-earnings comments suggested the lack of a strong embrace of outsourcing.

The S&P 500 and the Nasdaq ended at a record high on Thursday on optimism about further pandemic aid under the Biden administration.

"The near-term momentum (in stock markets) is likely to carry forward," said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management in Horsham, Pennsylvania.

"Clearly with the Fed stepping on the gas, and with fiscal stimulus likely in some additional form over the near term, you get the sense that there is still a lot of liquidity out there."

The Senate Finance Committee will vote on Friday on Janet Yellen's nomination for Treasury secretary, an early litmus test of bipartisan support for President Joe Biden's ambitious plans for coronavirus relief, infrastructure investment and tax hikes.

Biden has proposed a $1.9 trillion coronavirus relief plan and has pledged to invest $2 trillion in infrastructure, green energy projects, education and research. Some Republicans have expressed concerns over its price tag.

At 08:20 a.m. ET, Dow E-minis were down 244 points, or 0.79%, S&P 500 E-minis were down 28 points, or 0.73%. Nasdaq 100 E-minis were down 83.5 points, or 0.62%.

Breakthroughs in COVID-19 vaccines have propelled the three main U.S. stock indexes to record levels. The S&P 500 has climbed more than 14% since the Nov. 3 elections, led by gains in cyclicals such as energy and banks as well as small-cap stocks.

However, with valuations approaching levels last seen in the Dotcom era, many investors are hedging against possible market turbulence that could erupt if surprise glitches hit the U.S. rollout of COVID-19 vaccines.

Investors will also keep a watch on IHS Markit's flash readings on manufacturing and service sector PMIs for January. Both are expected to slip due to pandemic-related restrictions across the country.

Energy shares Chevron Corp, ExxonMobil Corp, Conocophillips, Marathon Oil Corp and shale-focused player Occidental Petroleum Corp slipped between 1.8% and 3.7%, mirroring a weakness in oil prices as rising new coronavirus cases in China hit oil demand outlook.

Schlumberger NV, the world's largest oilfield services provider, joined rivals in predicting a steady recovery in the oil industry this year. Still its shares fell 2.4% tracking broader sector weakness. (Reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Anil D'Silva and Saumyadeb Chakrabarty)