US STOCKS-Wall St set to dip as U.S.-China tensions heat up over TikTok

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* Trump says government should get a portion of TikTok sale
price
* China Daily says Beijing won't accept "theft"
* Congress to resume talks on coronavirus relief bill
* AIG, Spirit Aero, Ralph Lauren slide as results disappoint
* Futures off: Dow 0.25%, S&P 0.40%, Nasdaq 0.36%

(Adds comment, details; updates prices)
By Sagarika Jaisinghani and Medha Singh
Aug 4 (Reuters) - Wall Street was set to pull back on
Tuesday as President Donald Trump's moves to force China-owned
TikTok into a sale of its U.S. operations drew a sharp rebuke
from Beijing, ratcheting up tensions as the world slides into a
pandemic-fuelled recession.
Friction between the world's top two economies took a back
seat in the first half of 2020 as the COVID-19 pandemic crushed
global growth, and an escalation now would hamper the recovery
of some exporters and importers and fan fears of a deeper
economic slump.
With Microsoft Corp MSFT.O looking to buy short-video app
TikTok's U.S. operations, Trump said on Monday the U.S.
government should get a "substantial portion" of any deal price.
On Tuesday, state-backed newspaper China Daily said the country
will not accept the "theft" of the technology company.
Microsoft's shares were down 1.6% in premarket trading after
surging more than 5% on Monday as the company confirmed it was
pursuing a deal with TikTok.
"It will be interesting to see if Microsoft will be able to
buy TikTok," said Stephen Lee, portfolio manager at Logan
Capital Management in Newtown Square, Pennsylvania.
"(But) in the short term, we are more concerned with how
soon the consumer is adapting and getting back to engaging with
the economy."
The S&P 500 closed Monday within 3% of its all-time high,
powered over the past four months by a stimulus-led rebound and
a rally in tech-related stocks including Apple Inc AAPL.O ,
Netflix Inc NFLX.O and Amazon.com Inc AMZN.O .
At 8:29 a.m. ET, Dow e-minis 1YMcv1 were down 66 points,
or 0.25%, S&P 500 e-minis EScv1 were down 13 points, or 0.4%
and Nasdaq 100 e-minis NQcv1 were down 40 points, or 0.36%.
Investors are now awaiting signs of progress in a fifth
major coronavirus-aid bill with Congress set to resume talks on
Tuesday to narrow gaping differences. In earnings-driven moves, Insurer American International
Group Inc AIG.N fell 2.2% after posting a 56% slump in
quarterly adjusted profit, while Spirit AeroSystems SPR.N
dropped 4.6% on posting a bigger-than-expected quarterly loss.
Ralph Lauren Corp RL.N slid 5.6% after it missed estimates
for quarterly revenue. Take-Two Interactive Software Inc TTWO.O rose 4.6% as it
raised its annual adjusted sales forecast on demand for its
videogame franchises "Grand Theft Auto" and "NBA 2K".
Rival Activision Blizzard Inc ATVI.O gained 3.4% ahead of
its results due after the closing bell.
About 83% of the 322 companies in the S&P 500 that have
reported quarterly results so far have beaten estimates for
earnings, according to IBES Refinitiv data.
Walt Disney Co DIS.N , Fox Corp FOXA.O and Wynn Resorts
Ltd WYNN.O are also expected to report quarterly results later
in the day.