* Futures up: Dow 0.31%, S&P 500 0.21%, Nasdaq 0.12%

* Honeywell International ( HON ) slips 1.1%, says the Middle

East conflict could hit Q1 revenue

* Delta Air Lines ( DAL ) rises 5%, raises revenue expectation

for the quarter

* Fed to meet on Tuesday and Wednesday

(Updates to before markets open, adds analyst comments)

By Johann M Cherian and Utkarsh Hathi

March 17 (Reuters) - Wall Street's main indexes were set

for a slightly higher open on Tuesday as investors weighed the

impact of the Middle East conflict on energy costs, putting

inflation risks back in focus ahead of the Federal Reserve's

two-day meeting.

U.S. stocks gained from a tech-driven rebound in the

previous session that saw the benchmark S&P 500 log its

biggest one-day jump in over a month. Nvidia's ( NVDA ) annual

developer conferencewas also extensively watched.

Nvidia ( NVDA ) said the revenue opportunity for its artificial

intelligence chips may reach at least $1 trillion through 2027,

as it outlined a strategy to compete more aggressively in the

fast-growing market for running AI systems in real time.

Shares of the company were up 0.4% in premarket trading

after Monday's 1.6% rise. Peer Broadcom ( AVGO ) traded

marginally lower, while Advanced Micro Devices ( AMD )

rose 0.6%.

Investors were also focused on the expanding conflict in the

Middle East that is likely to keep the Strait of Hormuz shut, as

U.S. President Donald Trump's call to allies to safeguard the

passage went unanswered.

Oil price-sensitive airlines that have faced the brunt of the

selloff since the war started got some reprieve after Delta

raised its revenue guidance for the current quarter on

accelerated demand. The carrier's shares gained 5% and American

added 4%.

Brokerages lifted their outlooks for energy prices that are

likely to dampen economic growth, a factor that the Australian

central bank also flagged when it hiked interest rates earlier

in the day.

The U.S. Fed is likely to leave borrowing costs unchanged at

the end of its two-day meeting on Wednesday.

"There are too many moving parts in a regular economy and

then on top of it, we have this tremendously impactful conflict,

which will make it even more impossible for the Fed to discern

any patterns right now," said Peter Andersen, founder of

Andersen Capital Management.

"I would expect the Fed to stay on hold and to have a very

unremarkable transcript and press conference."

Rate futures suggest just one 25-basis-point cut towards the end

of the year, according to LSEG-compiled data, down from around

two before the war.

At 08:37 a.m. ET, U.S. S&P 500 E-minis

were up 14 points, or 0.21%, Nasdaq 100 E-minis

were up 30 points, or 0.12%, and Dow E-minis

were up 146 points, or 0.31%.

Futures tracking the rate-sensitive Russell 2000 index

rose 0.3%, while Wall Street's fear gauge, the CBOE

volatility index dropped 0.86 points to 22.65.

Despite the global turmoil in markets due to the war, U.S.

stocks have held up better than those in Europe and Asia on

expectations that the repercussions on the economy will be less

severe.

However, analysts have underscored that investors are yet to

fully consider the effects of the war on the global economy.

Honeywell International ( HON ) slipped 1.1% after the

industrial giant said the conflict could hit its first-quarter

revenue, weeks after oilfield services company SLB

flagged an earnings squeeze.

The conflict has also delayed a planned summit between U.S. and

China's leaders on President Trump's request.

Among others, ride-hailing app Uber ( UBER ) added 4.1% after

announcing plans to roll out robotaxis in 28 cities starting

next year, powered by Nvidia's ( NVDA ) autonomous driving software.

Energy company Occidental gained 1%, and peers

ConocoPhillips ( COP ) and EQT rose 1% each on higher

crude and gas prices.

(Reporting by Johann M Cherian and Utkarsh Hathi in Bengaluru;

Editing by Krishna Chandra Eluri and Devika Syamnath)