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* Under Armour drops on federal probe, revenue outlook cut
* McDonald's falls on CEO dismissal
* Trade sensitive chipmakers, U.S.-listed Chinese stocks gain
* Futures up: Dow 0.65%, S&P 0.63%, Nasdaq 0.80% (Adds comment, updates market action)
By Arjun Panchadar
Nov 4 (Reuters) - Wall Street's three main indexes were set to open at record highs on Monday, buoyed by hopes of a U.S.-China trade deal and an improving domestic economy.
Washington and Beijing said on Friday they had made progress in defusing an economically damaging trade war, with U.S. officials indicating that a deal could be signed this month.
Adding to the optimism, Commerce Secretary Wilbur Ross said on Sunday licenses for U.S. companies to sell components to China's Huawei Technologies Co would come "very shortly" and that there was no reason a trade deal could not be on track to be signed this month.
"There is growing enthusiasm over a trade deal, as progress is being made in these talks," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
"Investors are betting that some sort of a deal is on its way, not a whole deal but something that will at least avoid a recession. And markets can live with that," he added.
Trade sensitive chipmakers including Intel Corp, Micron Technology and Nvidia Corp rose between 0.7% and 2% in premarket trading.
U.S.-listed Chinese stocks such as online games and media provider NetEase Inc, internet search provider Baidu Inc and e-commerce firm JD.Com were also up between 1.6% and 3.6%.
The S&P 500 and Nasdaq index hit record highs in the previous session after data showed U.S. jobs growth slowed less than expected in October, easing concerns about the fallout of the trade war on domestic economy.
A robust third-quarter earnings season has also added to an upbeat mood, with about 76% of the 356 S&P 500 companies that have reported results so far beating profit expectations, according to Refinitiv data.
Companies such as Uber Technologies Inc, Qualcomm Inc, Walt Disney Co and CVS Health Corp are set to report results this week.
Fresh economic data due at 10 a.m. ET is expected to show U.S. factory orders falling 0.5% in September compared to a 0.1% drop in August.
At 8:37 a.m. ET, Dow e-minis were up 178 points, or 0.65%. S&P 500 e-minis were up 19.25 points, or 0.63% and Nasdaq 100 e-minis were up 65.25 points, or 0.8%.
Under Armour Inc slid 14.6% as it lowered its full-year revenue forecast for a second straight time, a day after it confirmed a federal probe related to its accounting practices.
McDonald's Corp fell 1.7% after the fast-food giant dismissed Chief Executive Steve Easterbrook over a recent consensual relationship with an employee, which the board determined violated company policy.
U.S.-listed shares of Tesla rival Nio Inc jumped 9.2% as it reported a 25% jump in vehicle deliveries in October. With nearly 363,000 shares traded before the bell, it was among the most actively-traded U.S. stocks. (Reporting by Arjun Panchadar in Bengaluru; Editing by Anil D'Silva)