* Futures: Dow up 0.18%, S&P flat, Nasdaq down 0.06%

* Investors focus on first Fed meet under Warsh

* Qualcomm ( QCOM ) shares gain after report of talks to buy

Tenstorrent

(Updates before market opens)

By Sruthi Shankar and Twesha Dikshit

June 16 (Reuters) - U.S. stocks were set for a subdued open

on Tuesday as investors were cautious ahead of the first

interest rate decision under new Federal Reserve Chair Kevin

Warsh.

Gains in some technology stocks helped limit early losses.

Shares of SpaceX climbedalmost 5%, putting the

companyon the verge of overtaking Amazon's ( AMZN ) market value

to become the world's fifth-most valuable firm.

The Elon Musk-led company said it would acquire software

firm Anysphere for $60 billion in a bid to ramp up its presence

in the enterprise AI market.

Memory chip stocks rose, with Western Digital ( WDC ) and

Seagate Technology ( STX ) adding 5.7% and 4.3%, respectively.

The blue-chip Dow closed at a record high on Monday

after U.S. President Donald Trump said a preliminary agreement

to end the conflict had been signed by the U.S. and Iran,

sending oil prices sharply lower and easing concerns about

inflation.

Still, doubts swirled around the deal as shippers said it

could take weeks for confidence to return after any reopening of

the Strait of Hormuz.

The Fed is widely expected to hold interest rates at the

3.50-3.75% range at the end of its policy meeting on Wednesday,

with investors closely watching Warsh's comments on inflation,

unemployment and the economic outlook, potentially market-moving

words of the world's most important central banker.

"All eyes are on Warsh's press conference, guidance and

expectations for the market. But given the (U.S.-Iran) deal

seems to be inked he has a little bit more latitude to be

balanced," said Thomas Hayes, chairman at Great Hill Capital.

"Historically, the market gets tested with a new Fed chair

in the first year or so. There's usually some market

volatility."

Inflation, in particular, seems stuck more than a percentage

point above the Fed's 2% target, and Warsh's characterization of

whether and when it is likely to fall will be a key first step

in the evolution of monetary policy under his leadership.

Traders see a 42% chance of a 25-basis-point rate hike in

December, as per CME Group's FedWatch tool, with rate cuts seen

coming only after mid-2027.

The Bank of Japan raised interest rates to a 31-year high

earlier on Tuesday, as it focused on taming price pressures from

the energy shock caused by the Iran war.

At 8:36 a.m. ET, S&P 500 e-minis were down 1.75

points, or 0.02%. Nasdaq 100 e-minis slipped 18 points,

or 0.06%, and Dow e-minis inched up 95 points, or 0.18%.

The benchmark S&P 500 was also closing in on early

June record highs after a slump driven by concerns about high

valuations in the technology sector and the U.S.-Iran conflict.

Qualcomm ( QCOM ) rose 3.2% after the Information reported

that the chipmaker was in talks to acquire AI chip startup

Tenstorrent for $8 billion to $10 billion.

Shares of Olin climbed 5.8% after the chemical

producer said it would acquire Huntsman in an all-stock

deal valued at about $2.43 billion. Huntsman shares fell 5.7% as

the offer stood at a discount to the stock's last price.

Robinhood was up 1.6% as the trading platform said

it would cut 10% of its full-time workforce and close remaining

open roles.