* Oil prices fall about 2 pct on IEA report
* Apple up as Sprint reports strong demand for new iPhones
* Netflix falls after broker downgrade
* Futures down: Dow 111 pts, S&P 13.5 pts, Nasdaq 25.25 pts
(Adds details, changes comment, updates prices)
By Tanya Agrawal
Sept 13 Wall Street looked set to open lower on
Tuesday as oil prices fell and investors reassessed the
possibility of a near-term rise in U.S. interest rates.
Oil prices were down about 2 percent after the International
Energy Agency said a sharp slowdown in global oil demand growth,
meant the crude market will be oversupplied at least through the
first six months of 2017.
U.S. stocks racked up their strongest gain in two months on
Monday after Federal Reserve Board Governor Lael Brainard stuck
to her dovish stance on interest rates and urged caution about
removing monetary stimulus too quickly.
However, any sense of calm in markets looked fragile after
three volatile trading days, especially on Friday, that saw bond
yields soar and stocks rack up heavy losses on concerns that the
Fed would raise interest rates at it Sept 20-21 meeting.
"The market is in a downward spiral and needs to complete
the pullback it began last Friday," said Peter Cardillo, chief
market economist at First Standard Financial in New York.
"Falling oil prices and the election is also causing some
uncertainty and traders are caught in the middle of a divided
Futures traders cut the chances of a Fed rate hike at the
central bank's Sept 20-21 meeting to just 15 percent from 21
percent, according to the CME Group's FedWatch tool.
Dow e-minis were down 111 points, or 0.61 percent,
with 10,274 contracts changing hands at 8:24 a.m. ET (1224 GMT).
S&P 500 e-minis were down 13.5 points, or 0.63
percent, with 230,278 contracts traded.
Nasdaq 100 e-minis were down 25.25 points, or 0.53
percent, on volume of 11,366 contracts.
Data on Tuesday showed China's factory output and retail
sales grew faster than expected in August.
The dollar index was higher on Tuesday, marking the
fifth straight day of gains, while gold prices edged up too.
Apple was up 1.7 percent at $107.20 in premarket
trading after Sprint said pre-orders for the latest
iPhones increased nearly four times. Sprint was slightly lower
Netflix shares dropped 1.5 percent to $97.55 after
Macquarie downgraded the stock to "underperform".
Anadarko Petroleum was down 4.4 percent at $55.30
after it agreed to buy Freeport McMoRan's Gulf of Mexico
assets. Freeport was down 1.7 percent at $10.89.
Intersil jumped 9.8 percent to $21.70 after Renesas
Electronics agreed to buy the chipmaker.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza)