* Futures up: Dow 0.2%, S&P 500 0.4%, Nasdaq 1.2%

* 3M ( MMM ) rises after lifting annual profit forecast

* Halliburton ( HAL ) down despte Q2 profit beat

* Trump prepares fresh tariffs on dozens of countries, FT

reports

(Updates to before market open)

By Ragini Mathur and Avinash P

July 21 (Reuters) - Wall Street's main indexes were on track

to open higher on Tuesday as semiconductor shares extended a

recovery from a recent selloff, while investors awaited major

tech earnings for clues on the future of the AI trade.

Markets also weighed mixed signals from the U.S.-Iran

conflict after a senior Iranian official told Reuters on Monday

that Tehran had received a proposal from mediators for a 10-day

ceasefire.

Yemen's Iran-aligned Houthis said on Monday they ​would

impose a naval blockade on Saudi Arabia, opening a potential new

front against the U.S. in its war with Iran and raising the

threat to global energy supplies and trade beyond the Gulf.

Brent crude futures returned to around $90 a barrel after

earlier losses.

Recently battered semiconductor stocks were leading

premarket gains. The iShares Semiconductor ETF climbed

4.1%, rising for the second consecutive day.

"Investors have to juxtapose strong earnings against the

ongoing war with Iran," said Art Hogan, chief market strategist

at B. Riley Wealth.

"To end this tug-of-war, we need to hear from hyperscalers

like Alphabet reaffirming their CapEx spending plans. Such

affirmation from large players is likely to put a floor under

the drawdown in semiconductor names."

Lately, chip stocks have come under heavy pressure, as

investors question whether this year's powerful rally in the

sector has gone too far and scrutinize the lack of tangible

returns on hefty investments by hyperscalers.

The Philadelphia SE Semiconductor Index ended Friday

more than 20% below its late-June record high, confirming a

bear-market decline, though the index remains up about 66% for

the year.

At 08:38 a.m. ET, Dow E-minis were up 96 points, or

0.18%, and S&P 500 E-minis were up 26.5 points, or

0.35%. Nasdaq 100 E-minis were up 348.75 points, or

1.21%.

Recent volatility in chip stocks, which has spread to

broader markets, pushed Wall Street's main indexes to three

straight sessions of losses despite an upbeat start to the

second-quarter earnings season and last week's cooler inflation

print.

Investor focus this week will turn to results from Alphabet

and Intel ( INTC ), which could help determine whether

the AI trade has further room to run amid elevated profit

expectations.

Adding to the uncertainty, President Donald Trump on Monday

unveiled 50% tariffs on a wide range of imports from Canada. The

U.S. administration said the move was in response to Canada's

treatment of American-made cars, alcohol and dairy goods.

The Financial Times reported that Trump is expected to

impose fresh tariffs on dozens of countries as soon as this

week, with his 10% global tariff poised to expire on Friday.

Among early movers, 3M ( MMM ) shares gained 6.3% after the

industrial giant lifted its full-year profit forecast.

Halliburton ( HAL ) dropped 3.7% even after the oilfield

services company edged past Wall Street estimates for

second-quarter profit.

Software stocks were also under pressure after Morgan

Stanley cut ratings and price targets on some names.

Adobe, Intuit, Workday and

Salesforce ( CRM ) fell more than 4% each.