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Futures: Dow down 0.03%, S&P 500 up 0.02%, Nasdaq up 0.09%

June 25 (Reuters) - U.S. stock futures were subdued on

Wednesday, after the Nasdaq 100 closed at a record high a day

earlier on Israel and Iran signaling their air war had ended,

and as investors awaited more comments from Federal Reserve

Chair Jerome Powell.

All three major indexes gained more than 1% on Tuesday and

the benchmark S&P 500 index was less than 1% below its

all-time peak, as the de-escalation in Middle East hostilities

supported risk sentiment.

"Turning back to yesterday's market moves, the key reason

the market rallied so much was because lower oil prices (and

hence lower inflation) are keeping the prospect of rate cuts in

play this year," Jim Reid, global head of macro and thematic

research at Deutsche Bank, said in a note.

In the second day of Powell's congressional testimony,

scheduled at 10:00 a.m. ET, investors will look out for any

hints on the central bank's monetary policy path.

This comes a day after Powell emphasized the Fed's

wait-and-watch approach to interest rates as tariff-led price

pressures kick in. However, he also said a lower-than-expected

inflation reading or weakness in the labor market would push the

central bank to cut sooner.

Money market moves show traders are pricing in about 60

basis points of rate cuts by the end of 2025, with a 71% chance

of a 25-bps rate cut in September, according to CME Group's

FedWatch tool.

At 05:32 a.m. ET, Dow E-minis were down 13 points,

or 0.03%, S&P 500 E-minis were up 1 points, or 0.02%.

Nasdaq 100 E-minis were up 19.75 points, or 0.09%.

Shares of delivery giant FedEx ( FDX ) fell 5.5% in

premarket trade after the company forecast quarterly profit

below estimates as tariff weighed on global demand.

Investors will also focus on the Commerce Department's final

take on first-quarter GDP due on Thursday, and Friday's Personal

Consumption Expenditures (PCE) report that will help ascertain

the economic effects of President Donald Trump's tariffs that

have kept global markets on edge since the start of the year.

Micron Technology ( MU ) shares edged up 0.6% ahead of the

chipmaker's quarterly results due after the closing bell.

U.S.-listed shares of cybersecurity firm Blackberry

jumped after the company raised its annual revenue forecast

citing steady demand amid growing online crimes.