US STOCKS-Wall St set to drop on economic worry, Apple

* Poor corporate outlooks reflect slowing economy

* Wachovia cuts dividend, damps bank sector hopes

* Apple set to lead tech sell-off

* Nasdaq may open down at least 1 percent or more

* Drop in oil prices may cushion the market (Adds Paulson's comments, updates prices)

By Ellis Mnyandu

NEW YORK, July 22 (Reuters) - U.S. stocks were poised to drop at the open on Tuesday as disappointing outlooks from Apple Inc (AAPL.O) and Europe's Vodafone (VOD.L) fanned fears about a weakening economy and a bank's losses underscored the impact of the housing slump.

Wachovia Corp WB.N, the fourth-largest U.S. bank, posted an $8.86 billion second-quarter loss and slashed its dividend to shore up its balance sheet as mortgage delinquencies rose. For details, see [ID:nN22166848].

Treasury Secretary Henry Paulson said before stocks began trading that financial markets will remain under stress until the U.S. housing market's slide ends. [ID:nL22999863]