* Futures up: Dow 0.3%, S&P 500 0.4%, Nasdaq 1.2%

* 3M ( MMM ) rises after lifting annual profit forecast

* Trump prepares fresh tariffs on dozens of countries, FT

reports

(Updates prices)

By Ragini Mathur and Avinash P

July 21 (Reuters) - U.S. stock index futures rose on

Tuesday, as semiconductor shares extended a recovery from a

recent selloff, while investors awaited major tech earnings for

clues on the future of the AI trade.

Markets also weighed mixed signals from the U.S.-Iran

conflict after a senior Iranian official told Reuters on Monday

that Tehran had received a proposal from mediators for a 10-day

ceasefire.

Yemen's Iran-aligned Houthis said on Monday they ​would

impose a naval blockade on Saudi Arabia, opening a potential new

front against the United States in its war with Iran and raising

the threat to global energy supplies and trade beyond the Gulf.

Brent crude futures returned to around $90 a barrel after

earlier losses.

Recently battered semiconductor stocks were leading

premarket gains. The iShares Semiconductor ETF climbed

4%, rising for the second consecutive day.

"While shipping confidence and oil production may take

longer than expected to be fully restored, we expect limited

pass-through to core inflation, keeping central banks from

tightening aggressively," said Mark Haefele, chief investment

officer at UBS Global Wealth Management.

"This means earnings growth should remain a key driver of

the equity market."

Lately, chip stocks have come under heavy pressure, as

investors question whether this year's powerful rally in the

sector has gone too far, and scrutinize the lack of tangible

returns on hefty investments by hyperscalers.

The Philadelphia SE Semiconductor Index ended Friday

more than 20% below its late-June record high, confirming a

bear-market decline, though the index remains up about 66% for

the year.

At 07:21 a.m. ET, Dow E-minis were up 155 points, or

0.3%, and S&P 500 E-minis were up 30.25 points, or 0.4%.

Nasdaq 100 E-minis were up 346 points, or 1.2%.

Recent volatility in chip stocks, which later spread to

broader markets, pushed Wall Street's main indexes to three

straight sessions of losses despite an upbeat start to the

second-quarter earnings season and cooler inflation numbers.

Investor focus this week will turn to results from Alphabet

and Intel ( INTC ), which could help determine whether

the AI trade has further room to run amid elevated profit

expectations.

Adding to the uncertainty, President Donald Trump on Monday

unveiled 50% tariffs on a wide range of imports from Canada. The

U.S. administration said the move was in response to Canada's

treatment of American-made cars, alcohol and dairy goods.

The Financial Times reported that Trump is expected to

impose fresh tariffs on dozens of countries as soon as this

week, with his 10% global tariff poised to expire on Friday.

Among early movers, 3M ( MMM ) shares gained 5.4% after the

industrial giant lifted its full-year profit forecast.

Nebius ( NBIS ) rose 6.5% after Nvidia ( NVDA ) disclosed a

9.3% passive stake in the AI cloud firm.

Equifax ( EFX ) dropped 12.4% after the credit ratings firm

forecast annual profit below estimates.

(Reporting by Ragini Mathur and Avinash P in Bengaluru; Editing

by Maju Samuel and Shinjini Ganguli)