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Futures: Dow down 0.07%, S&P 500 up 0.12%, Nasdaq up 0.27%

July 8 (Reuters) - Futures tracking S&P 500 and Nasdaq

edged up on Tuesday, as investors looked past U.S. President

Donald Trump's latest tariff offensive, and hoped that further

negotiations with key trading partners would avert a full-blown

trade war.

At 5:20 a.m. ET, Dow E-minis were down 31 points, or

0.07%, U.S. S&P 500 E-minis were up 7.5 points, or

0.12%, and Nasdaq 100 E-minis were up 61 points, or

0.27%.

The Dow fell as much as 1.4% on Monday, while the S&P

500 and the Nasdaq dropped 1% each after Trump

sent letters to 14 nations - including Japan and South Korea -

threatening steep new tariffs on U.S. imports, while also

postponing their implementation to Aug. 1.

"Trump has re-ignited his threat... but again, he's given

another concession and pushed back the period. That is conceding

to the fact that he wants to achieve these trade deals. It's in

his best interest as well as everyone else's," said Daniela

Hathorn, senior market analyst at Capital.com.

Trump in April capped all of the so-called reciprocal

tariffs with trading partners at 10% until July 9 to allow for

negotiations. In the same month, the Nasdaq was knocked into

bear market territory, while the Dow and S&P 500 had confirmed a

correction.

But Wall Street has since staged a comeback. Last week, the

Nasdaq and the S&P 500 soared to record highs, fueled by a

resilient labor market that alleviated recession fears.

The U.S. has so far reached trade agreements with only

Britain and Vietnam. In June, Washington and Beijing agreed on a

framework covering tariff rates, restoring a fragile truce in

their trade war.

In mega-cap stocks, shares of Tesla rebounded 1.3%

in premarket trading after the stock recorded its steepest

single-day fall in nearly a month on Monday.

Goldman Sachs has raised its three-, six- and 12-month

return forecasts for the S&P 500, citing expectations of U.S.

interest rate cuts and continued fundamental strength of major

large-cap stocks as key drivers of its positive outlook.

Traders have now all but ruled out a July rate cut from the

Federal Reserve, putting the odds of a September cut at around

60%, according to the CME FedWatch tool.

It's a quiet week on the economic front, with the only

notable data expected on Thursday on initial jobless claims. The

Fed calendar is equally sparse, featuring just two district

presidents slated to speak.