US STOCKS-Wall St set to slip at open as Iran tensions rise

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Chipmakers fall after IQE's sales warning
* Trump warned Tehran a U.S. attack was imminent
* Energy companies gained on higher crude prices
* Futures down: Dow 0.19%, S&P 0.27%, Nasdaq 0.46%

(Adds comment, updates prices)
By Amy Caren Daniel
June 21 (Reuters) - Wall Street was set to open lower on
Friday as rising tensions between the United States and Iran
kept investors on edge, taking the shine off a rally in the
prior session that pushed the S&P 500 to a record high.
Tehran had received a message from President Donald Trump,
delivered through Oman overnight, warning that a U.S. attack was
imminent but adding he was against war and wanted talks, Iranian
officials told Reuters on Friday. The New York Times had earlier reported that Trump had
approved military strikes against Iran in retaliation for the
downing of a U.S. surveillance drone but called off the attacks
at the last minute.
Earlier this week, signals from the Federal Reserve about an
interest rate cut next month pushed stocks higher, with the S&P
500 index .SPX closing at a new record of 2,954.18 on Thursday
and on track to end the week at least 2% higher.
Money markets are pricing in three rate cuts before year-end
and are betting on as many as five cuts through mid-2020.
"When you look at the magnitude of the move we've had in a
short period of time, especially this week, I'm not surprised to
see the markets lower today," said Art Hogan, chief market
strategist at National Securities in New York.
"We know there's a G20 meeting, which could be binary in its
results being bullish or bearish. It's not unusual for investors
to take a bit of a pause."
Investors will now look to the Group of 20 summit in Japan
next week for signs of progress on the trade dispute between the
United States and China that had sparked the worst monthly
performance of U.S. stock indexes this year in May.
Crude prices gained about 1% on fears that a U.S. military
attack on Iran that would disrupt flows from the Middle East.
O/R
Oil major Exxon Mobil Corp XOM.N rose about 0.3% in
premarket trading, while Halliburton Co HAL.N and Marathon Oil
Corp MRO.N gained nearly 1% each.
At 8:29 a.m. ET, Dow e-minis 1YMc1 were down 51 points, or
0.19%. S&P 500 e-minis ESc1 were down 8 points, or 0.27% and
Nasdaq 100 e-minis NQc1 were down 35.25 points, or 0.46%.
Volatility may rise during Friday's session on account of
"quadruple witching," as investors unwind interests in futures
and options contracts prior to expiration.
Chipmakers fell after Britain's IQE Plc IQE.L became the
latest semiconductor company to warn on full-year revenue,
citing the impact of the Huawei ban. Shares of Micron Technology MU.O , Broadcom Inc AVGO.O
and Advanced Micro Devices AMD.O fell between 0.3% and 1.5%.
Among other stocks, Facebook Inc FB.O fell 0.7% after Bank
of England Governor Mark Carney said major central banks and
regulators will want oversight of the social media company's
proposed new cryptocurrency Libra. Slack Technologies Inc WORK.N gained 2.8%, a day after the
workplace messaging platform soared nearly 50% in market debut.
Markit manufacturing sector flash PMI data, due at 09:45
a.m. ET, is expected to show a reading 50.4 in June, up from 50
a month earlier.
The PMI reading comes after data from Germany, France and
euro zone came in slightly higher in June compared to May.