US STOCKS-Wall St set for weak opening on Huawei crackdown fallout fears

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* Google cuts off some business with Huawei
* Apple, tech stocks drop as U.S.-China trade tensions mount
* Top chipmakers to not supply Huawei - report
* Futures fall: Dow 0.66%, S&P 0.80%, Nasdaq 1.56%

(Updates prices, add comments)
By Shreyashi Sanyal
May 20 (Reuters) - U.S. stocks were set to open sharply
lower on Monday, as fears over the impact on major technology
companies from the United States' crackdown on China's Huawei
Technologies added to concerns about the trade war between the
two counties.
U.S. suppliers of Huawei HWT.UL including Qualcomm
QCOM.O , Micron Technology MU.O and Broadcom Inc AVGO.O
fell about 4% premarket.
Apple Inc's shares AAPL.O declined 2.9%, also pressured by
a warning from HSBC that higher prices for the company's
products following the increases in China tariffs could have
"dire consequences" on demand.
Huawei, the world's largest telecoms equipment maker, was
officially added to a trade blacklist by the Trump
administration on Thursday, escalating the already bitter trade
war, while China on Monday accused the United States of
harboring "extravagant expectations" for a trade deal.
"For a lot of these tech companies, there is no bigger
market than China and there is some concern it could forestall
growth, also forces countries to take sides and begin to allow
China to develop alternatives," said Rick Meckler, partner at
Cherry Lane Investments in New Vernon, New Jersey.
"It's a lot of speculation and there isn't any basis. But it
looks like the trade talks are getting worse and not better."
Underscoring the hit to U.S. tech cos, Lumentum Holdings Inc
LITE.O said it would halt shipments to Huawei and cut its
quarterly revenue expectations.
Alphabet Inc's GOOGL.O Google has suspended some business
with Huawei, Reuters reported over the weekend, while
chipmakers including Intel Corp INTC.O , Qualcomm, Xilinx Inc
XLNX.O and Broadcom have told employees that they will not
supply the Chinese company until further notice, Bloomberg
reported on Sunday. Shares of Alphabet, Facebook Inc FB.O and Microsoft Corp
MSFT.O were all down 2%.
At 8:51 a.m. ET, Dow e-minis 1YMc1 were down 170 points,
or 0.66%. S&P 500 e-minis ESc1 were down 23 points, or 0.8%,
and Nasdaq 100 e-minis NQc1 were down 117.5 points, or 1.56%.
Heightening trade tensions pushed the S&P 500 .SPX and the
Nasdaq .IXIC to their second successive weekly declines on
Friday, while the Dow Jones Industrial Average index .DJI
capped a fourth straight week of losses, the longest such losing
streak in three years.
Investors will also look for comments from a clutch of
retailers reporting this week including Home Depot HD.N ,
Nordstrom JWN.N , Kohl's KSS.N and Target TGT.N for
comments on the impact of the latest round of tariff war.
With 460 of S&P 500 companies having posted first-quarter
results, 75.2% have topped analysts' profit expectations.
Analysts now expect first-quarter earnings growth of 1.4%, a
significant turnaround from the 2% loss expected on April 1,
according to Refinitiv data.
Also on the radar is Federal Reserve Chairman Jerome
Powell's speech on "Assessing Risks to our Financial System" at
an Atlanta Federal Reserve Bank conference at 7 p.m. ET (2300
GMT).