(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Futures down: Dow 1.05%, S&P 500 1.45%, Nasdaq 1.74%

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March CPI, weekly jobless claims due at 8:30 a.m. ET

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GM, Ford downgraded by brokerages UBS, Goldman Sachs

(Updates comments and prices)

By Shashwat Chauhan and Purvi Agarwal

April 10 (Reuters) - U.S. stock index futures fell on

Thursday after a blistering rally in the previous session

following U.S. President Donald Trump's move to temporarily

lower the heavy tariffs on dozens of countries, while raising

the levies on China.

The U-turn came less than 24 hours after steep new tariffs

took effect on most trading partners, lifting the S&P 500

to its biggest single-day percentage gain since 2008. The Nasdaq

posted its biggest one-day jump since 2001.

Trump also announced a 90-day pause on many of his new

reciprocal tariffs, but raised them to 125% on Chinese imports

from 104% on Wednesday. Beijing had slapped 84% tariffs on U.S.

imports to match Trump's earlier levy.

"The trade war is now turning into a direct confrontation

between the U.S. and China...," Rabobank analysts said.

"We could again be seeing escalation and de-escalation at

the same time, pulling markets in different directions."

Meanwhile, the European Union said that it had agreed on a

90-day pause on counter tariffs on U.S. goods, which were due on

April 15.

Despite Wednesday's surge, the S&P 500 and the Dow

are about 4% below levels seen before the reciprocal tariffs

were announced last week.

At 06:44 a.m. ET, Dow E-minis were down 428 points,

or 1.05%, S&P 500 E-minis were down 79.75 points, or

1.45% and Nasdaq 100 E-minis were down 335.25 points, or

1.74%.

Most megacap and growth stocks slid in premarket trade after

recording robust gains in the last session, with Tesla

sliding 3.2% and Nvidia ( NVDA ) down 2.9%.

Investors await a reading of consumer prices data for March

due later in the day amid worries that Trump's tariffs could

hamper global growth and spur inflation.

Economists polled by Reuters expect headline inflation on a

yearly basis to ease to 2.6% from 2.8% a month ago.

"The drag from trade policy is likely to be somewhat lesser

than before, and the prospect of a recession is a closer call...

The Fed will have even more incentive to wait longer for policy

uncertainties to be resolved," said analysts at J.P.Morgan.

Traders see at least three 25-basis point cuts from the Fed

this year, starting in June, according to LSEG data.

A weekly jobless claims report will also be released at 8:30

a.m. ET and at least six Fed officials are set to make public

appearances throughout the day.

Meanwhile, U.S. bonds markets were sanguine after a sharp

selloff in the last session, with the yield on the 10-year note

dropping to 4.3% from its February peaks.

The CBOE Volatility Index - seen as Wall Street's

"fear gauge" - fell from its August highs and was last at 35.92

points.

U.S. earnings season could offer more insights into the

health of corporate America. Big banks such as JPMorgan Chase ( JPM )

will report first-quarter results on Friday.

Among individual shares, automakers General Motors ( GM )

and Ford fell about 3% each after the previous session's

gains. Downgrades from UBS and Goldman Sachs on the stocks added

to their declines.