US STOCKS-Wall St futures ease after Nvidia's $4 trillion run; data, trade talks in focus

By Pranav Kashyap and Nikhil Sharma

July 10 (Reuters) - U.S. stock index futures were marginally lower on Thursday, cooling after Nvidia's sprint to a $4 trillion valuation supported markets the day before, while investors turn their attention to economic data and trade talks.

At 6:52 a.m. ET, Dow E-minis YMcv1 were down 69 points, or 0.15%, U.S. S&P 500 E-minis EScv1 were down 5 points, or 0.08%, and Nasdaq 100 E-minis NQcv1 were down 6 points, or 0.03%.

President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 and threatened a 50% tariff on exports to the U.S. from Brazil. He also issued tariff notices to seven minor trading partners.

U.S.-listed shares of Brazilian firms fell in premarket trading, with Petrobras PBR.N down 1.2%, Itau Unibanco ITUB.K sliding 2.1% and Banco Santander SAN.N falling 3.5%.

Yet, several countries are still waiting for official word from the White House, as investors closely monitor the evolving trade negotiations.

Hopes are also high for a breakthrough with India, with both Trump and top officials hinting a deal is within reach, while talks with the European Union inch closer to a framework agreement.

Wall Street closed higher on Wednesday, with the tech-heavy Nasdaq .IXIC notching a record close - propelled by Nvidia's NVDA.O historic leap to a $4 trillion valuation, making it the first company ever to hit that mark.

The chip giant's shares continued to climb, up 0.7% before the bell.

The S&P 500 .SPX and the Dow .DJI also eked out gains, buoyed by the minutes from the Federal Reserve's June meeting that showed most officials said they expect rate cuts will be appropriate later this year, with price shocks from Trump's import taxes expected to be "temporary or modest."

While a July Fed rate cut seems off the table, the odds of a September reduction stand at 67%, up from around 60% before the minutes' release, according to CME Group's FedWatch tool.

"The resilient U.S. economic backdrop gives the Fed time to study the effects of tariff increases on prices and growth before resuming interest-rate reductions," said Elias Haddad, senior markets strategist at Brown Brothers Harriman.

Last week's robust labor market report sent Wall Street's major indexes to fresh record highs, signaling a rebound from April's sharp sell-off following "Liberation Day" tariff announcements.

Now, the blue-chip Dow is 1.4% away from reclaiming its December 4 all-time high.

Investors will parse through a reading of initial jobless claims figures for the week of July 5, due at 8:30 a.m. ET, for the next pulse check on the labor market.

Additionally, Federal Reserve Board Governor Christopher Waller, St. Louis Fed President Alberto Musalem and San Francisco Fed President Mary Daly are expected to offer remarks later in the day.

Among stocks, WK Kellogg KLG.N leapt 50.6% following reports that Italian candy maker Ferrero was nearing a deal to buy the cereal maker.

Shares of Delta Air Lines DAL.N jumped 10.5% after forecasting third-quarter and full-year profits above Wall Street estimates. Peers United Airlines UAL.O rose 7%, while American Airlines AAL.O gained 6.4%.