US STOCKS-Wall Street set for tepid open with focus on Georgia elections

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* U.S.-listed China cos jump after NYSE flips delisting
decision
* Micron jumps after Citi's double upgrade
* Wall Street's fear gauge ticks higher again after Monday's
surge
* Futures down: Dow flat, S&P 0.08%, Nasdaq 0.11%

(Adds comment, details; updates prices)
By Medha Singh and Devik Jain
Jan 5 (Reuters) - Wall Street's main indexes were set for a
muted open on Tuesday as investors waited for the outcome of
Georgia's Senate runoff elections, which are expected to
determine the balance of power in Washington.
While a "blue sweep" of Congress could usher in greater
fiscal stimulus to aid the coronavirus-ravaged economy, it could
also pave the way for President-elect Joe Biden to push through
greater corporate regulation and higher taxes, hurting some
areas of the market. "Investors are taking a wait-and-see attitude ... there's a
lot to be concerned about - not only in the U.S. with the
elections but also because of the different strains of the virus
that are now being reported around the globe," CFRA chief
investment strategist Sam Stovall said.
The latest polls from data website 538 https://projects.fivethirtyeight.com/georgia-senate-polls
gave a slight edge to both Democratic challengers in their
respective races.
The Cboe Volatility Index .VIX ticked higher after closing
at its highest level in two months in the prior session when
Wall Street's indexes dropped to two-week lows on concerns over
a persistent surge in coronavirus cases. While the start of vaccine rollouts and massive monetary
support powered the major U.S. stock indexes to record levels
recently, the discovery of a more contagious strain of the
coronavirus and the latest virus-related curbs have muddied the
economic outlook.
Britain began its third national lockdown to fight the
spread of a highly contagious variant that threatens to
overwhelm the healthcare system. Meanwhile, New York on Monday
found its first case of the "UK" variant. "The market could end up being choppy for much of the first
quarter as investors try to digest soft economic data because of
the most current lockdowns," Stovall said.
A reading of ISM's manufacturing sector PMI is expected to
drift lower for a second straight month in December. The Federal
Reserve's minutes from its latest policy meeting as well as
monthly employment report are also on tap this week.
At 08:10 a.m. ET, Dow E-minis 1YMcv1 were down 10 points,
or 0.03%, S&P 500 E-minis EScv1 were down 3 points, or 0.08%,
and Nasdaq 100 E-minis NQcv1 were down 14 points, or 0.11%.
Chipmaker Micron Technology Inc MU.O rose 4% after
Citigroup raised its rating on the stock to "buy" on
expectations of a recovery in demand and pricing for DRAM chips.
U.S.-listed shares of China Telecom Corp Ltd CHA.N and
China Mobile Ltd CHL.N added about 11% each, while those of
China Unicom Hong Kong Ltd CHU.N advanced 17.6% after the NYSE
reversed its decision to delist the stocks.