* Futures: Dow flat, S&P 500 up 0.11%, Nasdaq up 0.56%

* Carmax ( KMX ) gains on Q1 revenue beat

* Chipmakers rebound after sell-off in previous session

* May retail sales data, Fed decision awaited later in the

day

(Updates with prices)

By Sruthi Shankar and Twesha Dikshit

June 17 (Reuters) - S&P 500 and Nasdaq futures edged higher

on Wednesday, as chip stocks rebounded ahead of the first

interest rate decision under new Federal Reserve Chair Kevin

Warsh.

Wall Street indexes ended mixed on Tuesday following a sharp

rally earlier in the week that was driven by optimism around a

U.S.-Iran peace deal that sent oil prices tumbling and eased

inflation fears.

Policymakers are expected to hold interest rates unchanged

at the 3.50%-3.75% range at the Fed meeting on Wednesday, as

they wrestle with inflation pressures from higher oil prices

fueled by the Middle East war.

The U.S. central bank's decision is due at 2:00 p.m. ET, and

investors will keep a close watch on the new Fed chair's first

press conference for his views on inflation, unemployment and

the economic outlook.

"We expect Warsh to sound noncommittal at his first press

conference. Partly because it's his first press conference, and

it would be a good idea to not sound too far from the

committee's views," said Jefferies economist Mohit Kumar.

"If Warsh talks of (dis)inflationary pressures beyond the

war, it would be a dovish signal for the market."

Traders see the Fed holding rates through much of the year,

but are betting on a nearly 43% chance of a 25-basis-point rate

hike in December, according to CME Group's FedWatch tool.

May retail sales data is also set for release at 8:30 a.m.

ET.

At 07:04 a.m. ET, Dow E-minis were down 9 points, or

0.02%, S&P 500 E-minis were up 8.25 points, or 0.11%,

and Nasdaq 100 E-minis were up 167.5 points, or 0.56%.

U.S. stocks have recovered from much of the early June

slump, with the blue-chip Dow touching record highs for

the past two consecutive sessions, as a resilient U.S. economy,

broadening of the rally beyond tech shares and falling oil

prices aided sentiment.

Oil prices hovered near a three-month low, fueled by hopes

that the interim peace deal between the United States and Iran

would allow oil to leave the Gulf through the crucial Strait of

Hormuz.

The memorandum of understanding, not yet public, extends by

another 60 days a tenuous ceasefire agreed in April, to allow

room for talks toward a permanent truce.

Still, some uncertainty lingered after U.S. President Donald

Trump said the Iran memorandum of understanding was not final,

and he could resume bombing if he did not like it.

Shares of chipmakers, including Broadcom ( AVGO ), Micron

Technology ( MU ), Advanced Micro Devices ( AMD ), Intel ( INTC )

, rose between 1.5% and 3.5% in premarket trading.

Shares of Elon Musk's AI and rocket company SpaceX

rose almost 3% after surpassing Amazon's ( AMZN ) market value

on Tuesday to become the fifth most valuable company.

La-Z-Boy ( LZB ) climbed 15.7% after the furniture company's

fourth-quarter sales and profit beat analysts' estimates.

Carmax ( KMX ) added 3.6% after reporting

better-than-expected first-quarter revenue.

(Reporting by Sruthi Shankar and Twesha Dikshit in Bengaluru;

Editing by Shinjini Ganguli)