* S&P, Nasdaq hit record highs on Tuesday
* Walt Disney drops after results, likely to weigh on Dow
* Mylan up after profit edges past estimates
* Futures down: Dow 34 pts, S&P 1.75 pts, Nasdaq 0.75 pts (Adds details, comments, updates prices)
By Yashaswini Swamynathan
May 10 (Reuters) - U.S. stocks looked set to open slightly lower on Wednesday after President Donald Trump’s firing of his FBI chief set off a political storm that could make passage of his pro-growth plans more difficult.
Also weighing on sentiment were a couple of disappointing quarterly earnings from companies, including Dow component Walt Disney. The media company reported quarterly revenue below expectations, sending its shares down 2.4 percent in premarket trading.
Trump said he fired James Comey, who had been leading an investigation into his 2016 presidential campaign’s possible collusion with Russia, over his handling of an email scandal involving then-Democratic presidential nominee Hillary Clinton.
Analysts say the development could distract Trump from pursuing his policy promises, especially on the highly anticipated reform of the U.S. tax code.
“I think the biggest issue is what this does to the Trump agenda on taxes,” Matthew Peterson, chief wealth strategist for LPL Financial wrote in a note.
“The market really is expecting a cut. We still feel it’s a matter of when, not if a cut happens. But any thought this gets pushed to ‘18 is a market negative.”
Comey’s sacking added a fresh layer to market uncertainty, which seemed to have eased following Emmanuel Macron’s victory in the French presidential election on Sunday. European shares pulled back from 21-month highs on Wednesday.
Demand for safe-haven assets like gold, bonds and the Japanese yen rose, while the dollar fell.
Dow e-minis were down 34 points, or 0.16 percent at 8:25 a.m. ET (1225 GMT), with 19,352 contracts changing hands.
S&P 500 e-minis were down 1.75 points, or 0.07 percent, with 137,958 contracts traded.
Nasdaq 100 e-minis were down 0.75 points, or 0.01 percent, on volume of 22,043 contracts.
Wall Street closed slightly lower on Tuesday after the S&P hit a record intraday high for the second straight day and the VIX fell to a decade low.
“The domestic political storm is a perfect excuse for the indices to take a badly needed rest,” Peter Cardillo, chief market economist at First Standard Financial wrote.
Shares of Mylan were up 2.9 percent at $39.10 after the drugmaker’s profit beat analysts’ expectations.
Nvidia surged 12 percent in premarket trading after the chipmaker reported a better-than-expected jump in quarterly revenue. Shares of rival AMD also rose.
Allergan was off 1.4 percent at $235.07 after the drugmaker recorded a quarterly loss. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)