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

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

*

Futures down: Dow 0.01%, S&P 500 0.22%, Nasdaq 0.34%

*

Home Depot ( HD ) rises after Q1 sales beat

*

Fed officials scheduled to speak through the day

(Updates before markets open)

By Shashwat Chauhan and Kanchana Chakravarty

May 20 (Reuters) -

Wall Street's main indexes were set for a subdued open on

Tuesday as investors awaited commentary from Federal Reserve

officials through the day to assess the potential impact of U.S.

President Donald Trump's tariffs in the second half of 2025.

At least seven Fed officials including St. Louis Fed

President Alberto Musalem are expected to speak later in the

day.

Traders currently expect at least two 25-basis-point rate

cuts from the U.S. Federal Reserve by the end of the year, with

the first expected in September, according to data compiled by

LSEG.

Fed officials on Monday flagged the ramifications of the

latest downgrade of the U.S. government's sovereign credit

rating and uneasy market conditions.

"The Fed is trying to not have (tariffs) influence what they

do and they've said so," said Thomas Martin, senior portfolio

manager at Globalt Investments.

"They certainly don't want to raise (interest rates), and so

standing pat is a pretty good thing to do."

At 08:26 a.m. ET, Dow E-minis were down 5 points, or

0.01%, S&P 500 E-minis were down 13.25 points, or 0.22%,

and Nasdaq 100 E-minis were down 74.25 points, or 0.34%.

Among top premarket movers, retailer Home Depot ( HD )

gained 2.3% after beating Wall Street estimates for

first-quarter sales.

Amer Sports ( AS ) jumped 10.2% after raising its 2025

revenue forecast.

UnitedHealth ( UNH ) continued its recovery after

hitting its lowest level since April 2020 last week and rose

2.7%.

Most megacap and growth stocks were tracking lower, with

Nvidia ( NVDA ) and Amazon.com ( AMZN ) down about 0.4% each.

Stocks initially fell on Monday and government bond yields

jumped as investors assessed the implications of Moody's

downgrading the U.S. sovereign credit rating to "Aa1" from a

pristine "Aaa", citing the government's $36-trillion outstanding

debt and interest.

Long-dated Treasury yields held steady on Tuesday, with

those on the 10-year Treasury note last at 4.48%.

Concerns around mounting U.S. debt remained in focus, with a

vote on Trump's sweeping tax-cut bill in the House of

Representatives expected sometime this week.

U.S. stocks have had a solid month so far, with the S&P 500

now more than 17% higher than its April lows, when global

markets were jolted by Trump's reciprocal tariffs on most

trading partners.

A pause in the tariffs, a temporary trade truce between the

U.S. and China and some tame inflation data have pushed equities

higher, although the S&P 500 is still about 3% away from its

record highs.

Preliminary readings of the May Purchasing Managers Index

are due later in the week.

AI-darling Nvidia ( NVDA ) is scheduled to report

quarterly earnings on May 28.