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Futures down: Dow 0.23%, S&P 500 0.32%, Nasdaq 0.44%

Feb 11 (Reuters) -

U.S. stock index futures slipped on Tuesday as investors

awaited a testimony from Federal Reserve Chair Jerome Powell for

insight on tariffs and their impact on inflation in the world's

biggest economy.

Most megacap and growth stocks ticked lower, while some

steelmakers extended gains from the previous session, when

President Donald Trump had substantially raised tariffs on steel

and aluminum imports.

Inflation data, due on Wednesday, also dominated market

focus ahead of Fed Chair Powell's semiannual monetary policy

testimony before the Senate Banking, Housing and Urban Affairs

Committee on Tuesday.

"The Fed has so far, rightly, avoided commenting on the

possible implications of the trade and immigration policies of

the new administration, but the emergence of new details on

tariff measures since last week offers a platform for Powell to

add more specifics around the thought process," Societe Generale

analysts wrote in a morning note.

Comments from three other Fed heads, including New York's

John Williams, are on the radar throughout the day.

On Wednesday, the January consumer price index (CPI) reading

will be released at 8:30 a.m. ET, with Powell set to testify

before the House Financial Services Committee later on.

Traders expect at least one 25-basis-point interest-rate cut

from the Fed this year, and a 60% chance of another reduction of

the same magnitude, according to LSEG data.

Shares of some steelmakers and aluminum producers rose in

premarket trading, with Cleveland-Cliffs ( CLF ) and U.S. Steel

rising 2.2% and 1.6%, respectively, a day after Trump

raised tariffs on steel and aluminum imports to a flat 25%

"without exceptions or exemptions". The measures are set to take

effect on March 4.

Aluminum Century Aluminum ( CENX ) also gained 2.5%.

Trump also said he would follow Monday's action with

announcements about reciprocal tariffs on all countries that

impose duties on U.S. goods over the next two days.

All three main indexes closed higher on Monday, as investors

bought back into AI-linked shares, with Nvidia ( NVDA ) closing

almost 3% higher.

On Tuesday, most megacap and growth stocks edged lower.

Amazon.com ( AMZN ) and Meta Platforms ( META ) were down about

0.4% each.

At 04:55 a.m. ET, Dow E-minis were down 103 points,

or 0.23%, S&P 500 E-minis were down 19.75 points, or

0.32%, and Nasdaq 100 E-minis were down 95.5 points, or

0.44%.

Coca-Cola, industrial conglomerate DuPont ( DD ),

financial information company S&P Global ( SPGI ) and health

insurer Humana are some of the prominent companies

reporting earnings before the bell.

With more than half of the S&P 500 companies done

with reporting their quarterly numbers, 76.6% have beaten

earnings expectations of analysts, per data complied by LSEG.

Among other early movers, Phillips 66 gained 5.6%

after Reuters reported that activist Elliott Investment

Management had built a stake of over $2.5 billion in the oil

refiner.