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DuPont ( DD ) gains after raising 2025 profit forecast

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Phillips 66 rises after report Elliott builds stake

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Futures down: Dow 0.28%, S&P 500 0.37%, Nasdaq 0.57%

(Updates prices before markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 11 (Reuters) - Wall Street's main indexes were set

for a lower open on Tuesday, as investors awaited a testimony

from Federal Reserve Chair Jerome Powell for insight on tariffs

and their impact on inflation in the world's biggest economy.

Most megacap and growth stocks ticked lower in premarket

trading, while some steelmakers extended gains from the previous

session, when President Donald Trump substantially raised

tariffs on steel and aluminum imports.

Inflation data, due on Wednesday, also dominated market

focus ahead of Fed Chair Powell's semiannual monetary policy

testimony before the Senate Banking, Housing and Urban Affairs

Committee on Tuesday.

Now that there are some actual numbers on tariffs, "(Powell)

is going to have to provide some clarity", said Adam Turnquist,

chief technical strategist for LPL Financial.

"He can't really punt on those questions because there's

enough details where the Fed speaker should have an opinion on

at least on some of these measures."

Comments from three other Fed heads, including New York's

John Williams, are on the radar throughout the day.

On Wednesday, the January consumer price index (CPI) reading

will be released at 8:30 a.m. ET, with Powell set to testify

before the House Financial Services Committee later on.

Traders expect at least one 25-basis-point interest-rate cut

from the Fed this year, and a 60% chance of another reduction of

the same magnitude, according to LSEG data.

Meanwhile, steelmakers Cleveland-Cliffs ( CLF ) and Steel

Dynamics ( STLD ) rose 3.6% and 2.1%, respectively, a day after

Trump's steel and aluminum levies, which are set to take effect

on March 4.

Aluminum Century Aluminum ( CENX ) gained close to 1%.

Trump also said he would follow Monday's action with

announcements over the next two days about reciprocal tariffs on

all countries that impose duties on U.S. goods.

All three main indexes closed higher on Monday, as investors

returned to AI-linked shares, with Nvidia ( NVDA ) closing

almost 3% higher.

On Tuesday, most megacap and growth stocks edged lower.

Apple ( AAPL ) and Amazon.com ( AMZN ) were down 0.6% and 0.7%.

At 08:24 a.m. ET, Dow E-minis were down 126 points,

or 0.28%, S&P 500 E-minis were down 22.5 points, or

0.37%, and Nasdaq 100 E-minis were down 124.75 points,

or 0.57%.

Phillips 66 gained 6.6% after Reuters reported

that activist Elliott Investment Management had built a stake of

over $2.5 billion in the oil refiner.

EARNINGS

DuPont de Nemours ( DD ) gained 5.6% after the industrial

materials maker raised its 2025 profit forecast on strong demand

for electronics.

Coca-Cola advanced 3.3% as the beverage maker beat

fourth-quarter revenue estimates, helped by higher prices and

resilient demand for its sodas and juices.

Fidelity National Information Services ( FIS ) dropped 9.9%

after the banking and payments processing conglomerate forecast

first-quarter profit below estimates.

With more than half of the S&P 500 companies done

with reporting their quarterly numbers, 76.6% have beaten

earnings expectations of analysts, per data complied by LSEG.