* Gold rises to three-week high; dollar falls
* Oil prices slip to three-month low
* Sears lower after warning of 'going concern' doubts
* Nike falls after quarterly revenue misses expectations
* Futures down: Dow 32 pts, S&P 0.75 pts, Nasdaq 2.25 pts
(Adds details, comment, updates prices)
By Tanya Agrawal
March 22 U.S. stocks looked set to open slightly
lower on Wednesday, a day after Wall Street posted its biggest
one-day fall since the November election, as investors fret
about potential delays to President Donald Trump's pro-growth
Trump on Tuesday tried to rally Republican lawmakers behind
a plan to dismantle Obamacare, his first major legislation since
assuming office in January.
Republican leaders aim to move the controversial legislation
to the House floor for debate as early as Thursday, amid
concerns over support from party lawmakers.
Some investors fear that if the healthcare reform act runs
into trouble or takes longer-than-expected to pass, then Trump's
tax reform policies may face setbacks.
"The markets were reminded yesterday the 'Trump trade' is
not a one-way trade and there's room for disappointment as
actions on tax cuts and infrastructure spending might not
materializes as quickly as we want," said Anastasia Amoroso,
global market strategist at J.P. Morgan Private Bank in Houston.
"The pronounced fall in yields across the world is not
helping market sentiment at the moment either."
U.S. 10-year Treasury yields fell to three-week lows on
Tuesday and the gap between U.S. and German 10-year government
borrowing costs hit its narrowest since November.
The S&P 500 has run up about 10 percent since the election
in November, spurred mainly by Trump's agenda of tax cuts and
infrastructure spending, but valuations have emerged as a
The benchmark index is trading at about 18 times forward
earnings estimates against the long-term average of 15,
according to Thomson Reuters data.
The last time the S&P 500 lost 1 percent or more in a day
was on October 11.
"Given the full valuation and the long time that's passed
since we've had a one percent down day, let alone a correction,
a forward correction is a real possibility," said Amoroso.
Dow e-minis were down 32 points, or 0.16 percent,
with 45,088 contracts changing hands at 8:25 a.m. ET (1225 GMT).
S&P 500 e-minis were down 0.75 points, or 0.03
percent, with 243,649 contracts traded.
Nasdaq 100 e-minis were down 2.25 points, or 0.04
percent, on volume of 45,312 contracts.
Oil prices also dipped and slipped back to three-month lows
after data showed U.S. crude inventories rising faster than
Gold prices rose to a three-week high and the dollar index
, which measures the greenback against a basket of
currencies, was at 99.87, near the six-week low of 99.64 reached
Shares of financials, which suffered their worst daily drop
since June, were lower in premarket trading. Bank of America
, Goldman Sachs, JPMorgan, Citigroup
and Wells Fargo were all down. The financial sector has
been the best performing of the 11 major S&P sectors since
Trump's election, up 18 percent.
Sears Holdings slumped 14.8 percent to $7.75 after
the retailer warned on Tuesday about its ability to continue as
a going concern after years of losses and declining sales.
Dow-component Nike was down 5.3 percent at $54.91, a
day after the world's largest footwear maker's quarterly revenue
FedEx rose 2.9 percent to $197.87 after the package
delivery company posted an optimistic outlook for margins in the
(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)