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T-Mobile rises on July launch for satellite-to-cell

service

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McDonald's posts biggest U.S. sales decline in nearly 5

years

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Fed Chair Powell to testify before Congress this week

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Futures up: Dow 0.53%, S&P 500 0.56%, Nasdaq 0.79%

(Updates prices before markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 10 (Reuters) - Wall Street's main indexes were set

for a higher open on Monday, recovering from last week's

declines, as steelmakers surged after U.S. President Donald

Trump said he would impose additional tariffs on steel and

aluminum imports.

Trump's latest trade escalation came on Sunday when he said

he would introduce 25% tariffs on all imports of steel and

aluminum into the United States, on top of existing duties on

the metals.

U.S. Steel gained 3.6% in premarket trading after

Japan's Chief Cabinet Secretary said Nippon Steel ( NISTF ) was

considering proposing a bold change in its plan to buy the

company.

Shares of other steelmakers also soared, with

Cleveland-Cliffs ( CLF ) adding 8%, and Nucor ( NUE ) gaining

6.7%. Aluminum producer Alcoa ( AA ) was up 4.3%.

Trump also said on Sunday that he would announce reciprocal

tariffs on all countries on Tuesday or Wednesday, effective

almost immediately, matching the tariffs levied by each country.

"We're certainly in an unmarked territory. It's not every

day that an administration is so decisive with its executive

powers as to take so much action altogether," said Giuseppe

Sette, president of market research firm Reflexivity.

Most megacap and growth stocks also edged higher, with

Microsoft ( MSFT ) and Apple ( AAPL ) up about 0.7% each.

At 08:29 a.m. ET, Dow E-minis were up 237 points,

or 0.53%, S&P 500 E-minis were up 33.75 points, or

0.56%, and Nasdaq 100 E-minis were up 171.25 points, or

0.79%.

All three major indexes had dropped about 1% each in the

last session, nursing weekly losses after Trump had initially

revealed his reciprocal tariff plans.

Expectations for the Fed's rate cuts to stay on hold in

March solidified after Friday's mixed U.S. employment report. A

year-on-year 4.0% unemployment rate would probably give the

central bank cover to hold off cutting interest rates at least

until June.

Fed officials said on Friday that the U.S. job market is

solid and pointed out the lack of clarity about how Trump's

policies would affect economic growth and still-high inflation.

U.S. Federal Reserve Chair Jerome Powell is due to testify

before Congress on Tuesday and Wednesday. The January consumer

price index reading is expected to be released in the early

hours of Wednesday, before Powell's testimony the same day.

McDonald's on Monday posted a steeper-than-expected

drop in quarterly U.S. comparable sales. Shares of the fast food

chain, however, rose about 1.4% in choppy trading.

Coca-Cola, DoorDash ( DASH ), health insurer CVS

Health ( CVS ) and computer-networking equipment maker Cisco ( CSCO )

are some of the prominent companies that are expected

to report results later this week.

Among other movers, T-Mobile gained 3.5% after the

wireless carrier said it will launch its satellite-to-cell

service, powered by SpaceX's Starlink, in July for $15 a month.

(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru;

Editing by Pooja Desai and Shinjini Ganguli)