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DuPont ( DD ) gains after raising 2025 profit forecast

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Elliott Investment builds $2.5 billion stake in Phillips

66

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Indexes down: Dow 0.24%, S&P 500 0.24%, Nasdaq 0.28%

(Updates after markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 11 (Reuters) - Wall Street's main indexes dipped on

Tuesday as most megacap stocks fell, while 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, 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."

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.

Cleveland Fed President Beth Hammack said the need to get

inflation back on target will keep monetary policy on pause for

now.

Meanwhile, steelmakers Cleveland-Cliffs ( CLF ) and Steel

Dynamics ( STLD ) rose 2.1% and 1.1%, respectively, a day after

Trump announced steel and aluminum levies that are set to take

effect on March 4.

Aluminum Century Aluminum ( CENX ) gained 9.9%.

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.

On Tuesday, megacaps such as Microsoft ( MSFT ), Meta

, and Tesla were down between 0.4% and 0.9%.

Apple ( AAPL ), however, added about 1% after a report said

it was partnering with Alibaba ( BABA ) to develop and roll out

artificial intelligence features for iPhone users in China.

At 09:46 a.m. ET, the Dow Jones Industrial Average

fell 108.74 points, or 0.24%, to 44,361.67, the S&P 500

lost 14.79 points, or 0.24%, to 6,051.65 and the Nasdaq

Composite lost 55.41 points, or 0.28%, to 19,658.86.

Seven of the 11 S&P 500 sectors traded lower. Utilities

led losses with a 0.9% fall.

Phillips 66 rose 3.8% after activist Elliott

Investment Management said it had built a stake of more than

$2.5 billion in the oil refiner.

EARNINGS

DuPont de Nemours ( DD ) gained 4.8% after the industrial

materials maker raised its 2025 profit forecast on strong demand

for electronics.

Coca-Cola advanced 3.6% 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 16.1%

after the banking and payments processing conglomerate forecast

first-quarter profit below estimates.

Declining issues outnumbered advancers by a 2.76-to-1 ratio

on the NYSE and by a 2.27-to-1 ratio on the Nasdaq.

The S&P 500 posted four new 52-week highs and 13 new lows

while the Nasdaq Composite recorded 18 new highs and 113 new

lows.