November 27, 2019 / 2:11 PM / 6 months ago

US STOCKS-Wall St set to edge higher at open on trade optimism, upbeat data

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* HP gains as quarterly profit beats estimates

* Under Armour rises on Raymond James upgrade

* Deere warns of lower profit in 2020 on trade tensions

* Data shows U.S. economic growth picked up slightly in Q3

* Futures: Dow flat, S&P up 0.12%, Nasdaq gains 0.21% (Adds comments, updates market action)

By Arjun Panchadar

Nov 27 (Reuters) - Wall Street's main indexes were set to open slightly higher on Wednesday, as latest data pointed to a resilient domestic economy and investors remained optimistic about a resolution to the prolonged U.S.-China trade war.

President Donald Trump said on Tuesday the United States was in the "final throes" of work on an initial trade deal with China, fueling hopes that an agreement could be reached before the end of the year.

The three major U.S. stock indexes have closed at record highs in five of the past eight sessions on expectations of a trade truce and a largely upbeat third-quarter earnings season.

"There's that drumbeat about an impending trade deal and that's going to keep stocks moving higher," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

Data on Wednesday showed U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, while new orders for key U.S.-made capital goods increased by the most in nine months in October.

Investors now await the Commerce Department's consumer prices report at 10 a.m. ET. The core personal consumption expenditures price index, excluding volatile food and energy components, is expected to have risen 0.1% in October after remaining flat in the prior month.

At 8:50 a.m. ET, Dow e-minis were up 3 points, or 0.01%. S&P 500 e-minis were up 3.75 points, or 0.12% and Nasdaq 100 e-minis were up 17.75 points, or 0.21%.

Among stocks, HP Inc rose 1.7% in premarket trading after the company posted quarterly earnings above analysts' estimates, as higher sales of personal computers and workstations helped counter weakness in its printer business.

Under Armour Inc gained 3.7% as Raymond James upgraded the sportswear maker's shares to "strong buy" from "outperform".

However, shares of Deere & Co dropped 4.6% as the farm equipment maker warned of lower earnings in fiscal year 2020 after posting a fall in quarterly profit, hurt by trade tensions and poor weather in the U.S. farm belt that have slowed equipment purchases by farmers.

Trading volumes are expected to be light ahead of the Thanksgiving Day holiday on Thursday and an early market close on Black Friday. (Reporting by Arjun Panchadar and Manas Mishra in Bengaluru; Editing by Shounak Dasgupta)

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