US STOCKS-Wall St set to ease from record levels; stimulus in focus

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* Coty drops as demand for makeup products dwindles
* Take-Two tumbles as quarterly sales fall
* Futures down: Dow 0.25%, S&P 0.20%, Nasdaq 0.16%

(Adds comment, details; updates prices)
By Medha Singh and Devik Jain
Feb 9 (Reuters) - Wall Street's main indexes were set to
slip from record highs on Tuesday following several
disappointing quarterly earnings reports, while investors
closely tracked progress in passing a proposed $1.9 trillion
stimulus plan.
Take-Two Interactive Software Inc TTWO.O fell nearly 4%
after the videogame publisher posted a drop in quarterly
adjusted sales and shied away from announcing any new big
releases. Gucci lipstick maker Coty Inc COTY.N dropped 2.4% as weak
demand for makeup products wiped off millions off its quarterly
revenue. Upbeat corporate earnings so far along with monetary and
fiscal support have powered the Dow .DJI and the S&P 500's
.SPX six-day run but analysts have cautioned against risks
from the new coronavirus variants and any glitches in vaccine
rollouts.
"We've come a long way in a short time," said Josh Wein,
portfolio manager with Hennessy Funds. "It won't take a lot for
the market to pause ... whether it's deliberations over fiscal
stimulus, or the occasional talk of inflation or interest rates
getting some lift."
Last week's data showing slower-than-expected growth in the
labor market underscored the need for more government aid to
blunt the effects of the COVID-19 pandemic.
The White House expects the House of Representatives to
track closely to President Joe Biden's relief plan as it marks
up its latest round of legislation but expects lawmakers will
tweak some elements. Meanwhile, new cases of the virus have now fallen for four
weeks in a row to the lowest level since early November,
although health officials said they were worried new variants of
the virus could slow or reverse this progress. At 8:19 a.m. ET, Dow E-minis 1YMcv1 were down 78 points,
or 0.25% and S&P 500 E-minis EScv1 were down 8 points, or
0.2%. Nasdaq 100 E-minis NQcv1 were down 22 points, or 0.16%.
Big U.S. banks slipped between 0.5% and 1% in premarket
trading, tracking a fall in U.S. Treasury yields. Heavyweight
tech-focused companies Apple Inc AAPL.O , Amazon.com Inc
AMZN.O and Microsoft Corp MSFT.O were also marginally down.
Toymaker Mattel Inc MAT.O and telephone equipment maker
Cisco Systems Inc CSCO.O slipped ahead of their earnings after
market close.
Analysts see fourth-quarter S&P earnings to gain 2.4%, a
stark reversal from the 10.3% annual decline seen at the
beginning of the year, per Refinitiv.
Glu Mobile Inc GLUU.O jumped about 34% on a $2.4 billion
buyout offer from Electronic Arts Inc EA.O that would bolster
EA's mobile platform with the addition of games such as "Design
Home", "Covet Fashion", and "MLB Tap Sports Baseball".
Bitcoin BTC=BTSP fast approached the $50,000-mark as the
afterglow of Elon Musk-led Tesla's investment in the
cryptocurrency had investors reckoning it may become a
mainstream asset class for both corporations and money managers.
Cryptocurrency miner Riot Blockchain RIOT.O and Marathon
Patent Group MARA.O jumped more than 10%, extending their
sharp gains for the second day.