*

Futures: Dow down 0.13%, S&P 500 down 0.05%, Nasdaq

unchanged

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WK Kellogg climbs on report of $3 bln takeover deal with

Ferrero

*

Brazil ADRs fall after Trump's 50% tariff threat

*

Airline stocks rise after Delta's upbeat forecast

(Updates with prices, analyst comment before the bell)

By Pranav Kashyap and Nikhil Sharma

July 10 (Reuters) -

Wall Street looked set for a subdued start on Thursday,

taking a breather after Nvidia's ( NVDA ) $4 trillion sprint, while

airline stocks jumped following Delta's upbeat forecast.

At 8:36 a.m. ET, Dow E-minis were down 56

points, or 0.13%, U.S. S&P 500 E-minis were lower 3

points, or 0.05%, and Nasdaq 100 E-minis were up 1.5

points, or 0%.

Delta Air Lines ( DAL ) jumped 12.9% before the bell

after

forecasting

third-quarter and full-year profits above Wall Street

estimates.

Peers United Airlines rose 9.7%, while American

Airlines ( AAL ) gained 9%.

Markets are bracing for a flurry of second-quarter

earnings, set to kick off in full force next week.

"Investors need some validation from corporate earnings

to continue that justifies the valuations," said Eric Beiley,

wealth manager at Steward Partners.

"However, markets are in a wait-and-see mode with the

tariff announcements .. that's probably paused investors from

this strong buying spree."

President Donald Trump announced on Wednesday a new 50%

tariff on copper to start on August 1 and threatened a 50%

tariff on exports to the U.S. from Brazil. He also issued tariff

notices to seven minor trading partners.

U.S.-listed shares of Brazilian firms fell in premarket

trading, with Petrobras down 1.9%, Itau Unibanco

sliding 2.6% and Banco Santander falling 2.6%.

Yet, several countries are still waiting for official word

from the White House, with investors closely monitoring the

evolving trade negotiations.

Hopes are also high for a breakthrough with India, with both

Trump and top officials hinting a deal is within reach, while

talks with the European Union inch closer to a framework

agreement.

Wall Street closed higher on Wednesday, with the tech-heavy

Nasdaq notching a record close - propelled by Nvidia's ( NVDA )

historic leap to a $4 trillion valuation, making it the

first company ever to hit that mark.

The chip giant's shares continued to climb, up 1%.

The S&P 500 and the Dow also eked out gains,

buoyed by the minutes from the Federal Reserve's June meeting

that showed most officials said they expect rate cuts will be

appropriate later this year, with price shocks from Trump's

import taxes expected to be "temporary or modest."

While a July Fed rate cut seems off the table, the odds of a

September reduction stand at 67%, up from around 60% before the

minutes' release, according to CME Group's FedWatch tool.

Last week's robust labor market report sent Wall Street's

major indexes to fresh record highs, signaling a rebound from

April's sharp sell-off following "Liberation Day" tariff

announcements.

The blue-chip Dow is just 1.4% away from reclaiming its

December 4 all-time high.

Initial jobless claims for the week of July 5 came in at

227,000, below consensus of 235,000, as per a Reuters poll.

Markets have largely shrugged off the latest tariff threats,

as investors grow accustomed to Trump's familiar tariff

saber-rattling, analysts say.

Additionally, Federal Reserve Board Governor Christopher

Waller, St. Louis Fed President Alberto Musalem and San

Francisco Fed President Mary Daly are expected to offer remarks

later in the day.

Among stocks, WK Kellogg leapt 52.6% following

reports that Italian candy maker Ferrero was nearing a deal to

buy the cereal maker.