* Q4 U.S. GDP misses estimate
* Amazon sinks after profit misses expectations
* Xerox up after deal with Icahn to split into two
* Futures up: Dow 120 pts, S&P 13 pts, Nasdaq 21 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Jan 29 (Reuters) - Wall Street was set to open higher on Friday after weak GDP data raised expectations that the U.S. Federal Reserve would go slow on future interest rate hikes.
U.S. gross domestic product rose 0.7 percent in the fourth quarter, below the 0.8 percent expected, as a strong dollar and tepid global demand hurt exports.
Intervention by central banks has become key to supporting turbulent markets roiled by slowing global economic growth. The Bank of Japan cut a key interest rate below zero on Friday to spur its flagging economy.
Although the Fed has not ruled out another rate hike in March, the current turmoil could force it to wait until June.
Investors across the globe are still reeling from one of the worst starts to a year as oil prices remain under pressure and fears of a China-led global slowdown grow.
U.S. stocks have failed to sustain several rallies in 2016 and are yet to post gains for three days in a row. The S&P 500 has shed 7.4 percent this year.
“We’re likely to settle in at these levels for a short time, at least until more news comes out probably in a month or so,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.
“Near term, I think it’s oil, earnings and technicals that are likely to drive the market.”
At 8:30 a.m. ET (1330 GMT), Dow e-minis were up 120 points, or 0.75 percent, with 68,094 contracts changing hands. S&P 500 e-minis were up 13 points, or 0.69 percent, with 409,163 contracts traded. Nasdaq 100 e-minis were up 21 points, or 0.51 percent, on volume of 72,049 contracts.
Crude prices held steady near $34 per barrel on Friday on hopes that top producers may agree to cut production.
U.S. stocks closed higher on Thursday, boosted by a rally in tech stocks led by Facebook and a surge in oil prices.
Corporate earnings continue to be in focus, with industry heavyweights Chevron among those scheduled to report before the bell. Chevron’s shares were up 0.8 percent premarket.
Shares of Amazon were down 11 percent at $565.68 premarket, after the company’s quarterly profit fell way below expectations.
Microsoft was up 3.7 percent at $54 on the tech giant’s better-than-expected results.
Xerox was up 0.7 percent to $9.29, paring earlier gains, after announcing a deal with Carl Icahn to split the company into two.
MasterCard was up about 1.3 percent at $84.50 after it reported a 11 percent jump in quarterly profit. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil D‘Silva)