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Futures down: Dow 0.72%, S&P 500 0.90%, Nasdaq 1.22%

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Datadog ( DDOG ) up after lifting 2025 revenue, profit forecast

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Ford falls after suspending annual forecast

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U.S. trade deficit widens in March

(Updates before markets open)

By Purvi Agarwal and Johann M Cherian

May 6 (Reuters) - U.S. stock index futures indicated a

lower open on Tuesday after President Donald Trump's latest

plans for pharma tariffs, further dampening investor sentiment

amid subdued corporate earnings.

Trump said late on Monday that he would announce pharma

tariffs over the next two weeks, his latest action on levies

that have roiled global financial markets over the past months.

Drugmakers Eli Lilly and Pfizer ( PFE ) were

flat-to-slightly-lower in premarket trading after the news,

which offset optimism around his order aimed at reducing the

approval time for pharmaceutical manufacturing plants.

The development follows Trump's announcement on Sunday about

imposing tariffs on foreign-made movies. Wall Street closed

lower on Monday, with the benchmark S&P 500 snapping a

nine-session winning streak - its longest in 20 years.

Tariff-driven uncertainty has led consumers, businesses and

even the U.S. Federal Reserve to adopt a wait-and-watch mode as

they struggle to navigate the tariffs and gauge their impact.

Ford Motor ( F ) was the latest to suspend its annual

outlook on Monday, joining a host of companies that withdrew

their forecasts in April. The automaker also flagged a hit of

about $1.5 billion from the levies, sending its shares down 2.3%

in premarket trading.

"The biggest thing that stands out (this earnings season) is

that CEOs are concerned about the uncertainty that's coming out

(of) Washington DC with respect to global trade," said Adam

Sarhan, chief executive of 50 Park Investments.

The Trump administration suggested last week that potential

deals with trading partners were underway, but markets have seen

no concrete results on that front.

"There was a big rally based on the rumor that a deal would

get done, and then all of a sudden the deal did not get done and

it's underwhelming," Sarhan added.

At 08:41 a.m. ET, Dow E-minis were down 296 points,

or 0.72%, S&P 500 E-minis were down 50.75 points, or

0.90% and Nasdaq 100 E-minis were down 245.5 points, or

1.22%.

The Fed starts its two-day meeting on Tuesday, with the

central bank widely expected to stay put on interest rates.

Comments from policymakers will be scrutinized for any clues

hinting at where they stand on monetary policy easing this year.

Traders see about 79 basis points of policy easing by the

end of 2025, with the first cut coming in July, according to

data compiled by LSEG.

A Commerce Department report showed the U.S. trade deficit

widened more than expected to $140.5 billion in March.

Data analytics firm Palantir's shares were down

8.3% after investors were unimpressed by the company's modest

revenue beat and in-line profit.

DoorDash ( DASH ) was down 5.1% after the meal delivery firm

said it would buy Deliveroo ( DROOF ) in a deal valuing the

British rival at about 2.9 billion pounds ($3.86 billion). The

U.S. firm's quarterly revenue missed estimates, disappointing

investors.

Datadog ( DDOG ) reversed early gains to fall 1.2% after its

first-quarter results, while SolarEdge jumped 11.4%

after it forecast revenue for the second quarter above

estimates.

($1 = 0.7505 pounds)

(Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru;

Editing by Shounak Dasgupta, Pooja Desai and Shinjini Ganguli)