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* Cisco Systems drops after lackluster forecast
* NetApp plunges on disappointing profit forecast
* Caterpillar rises as Goldman Sachs upgrades to 'buy'
* New cases in China jump to 14,840 under new diagnosis
method
* Futures down: Dow 0.57%, S&P 0.55%, Nasdaq 0.74%
(Adds comment, details, updates prices)
By Medha Singh
Feb 13 (Reuters) - Wall Street was set to open lower on
Thursday after scaling record levels in the previous session, as
a spike in new coronavirus deaths and cases in China sent
investors scurrying for safe havens.
Gold and U.S. Treasuries were in demand as a new diagnostic
method pushed the number of new infections in China's Hubei
province to 14,840 on Thursday, up from 2,015 cases reported on
Wednesday, while the death toll climbed to 1,367. Fresh uncertainty about the scale of the epidemic looked set
to derail a rally in equities, a day after investors bought on
signs that the virus spread was slowing.
"The virus news coming out of China (is) a bit concerning,
especially when investors thought it was all behind them," said
Paul Nolte, portfolio manager at Kingsview Asset Management in
Chicago.
"We are also due for at least a little bit of a pullback."
The S&P 500 .SPX has risen in seven of the last eight
sessions. The benchmark index, along with the Nasdaq .IXIC ,
has set record closing high every day of this week, while the
Dow Jones Industrials .DJI settled at an all-time high on
Wednesday.
Adding to the downbeat mood was a lackluster revenue and
profit forecast from Dow component Cisco Systems Inc CSCO.O .
The network gear maker's shares dropped 5.5% in premarket
trading. NetApp Inc NTAP.O tumbled 13.2% as the data storage
equipment maker's current-quarter profit forecast fell short of
expectations.
At 8:41 a.m. ET, Dow e-minis 1YMcv1 were down 169 points,
or 0.57%. S&P 500 e-minis EScv1 were down 18.5 points, or
0.55%, and Nasdaq 100 e-minis NQcv1 were down 71.5 points, or
0.74%.
Among other stocks, Caterpillar Inc CAT.N rose 0.4% after
Goldman Sachs upgraded the construction and mining equipment
maker's shares to "buy".
Tesla Inc TSLA.O fell 4.2% on the electric car maker's
plans to raise $2 billon by selling shares through a public
offering. The fourth-quarter earnings season is winding down with 351
S&P 500 companies having reported so far. Of those, 70.9% have
topped profit estimates, according to IBES data from Refinitiv.
Markets shrugged off a report from the Labor Department that
showed underlying consumer prices picked up in January,
supporting the Federal Reserve's contention that inflation would
gradually rise toward its 2% target.