Wall St set for muted open ahead of Fed policy decision; Nvidia dips

• Futures: Dow up 0.09%, S&P 500, Nasdaq down 0.07% each
• Workday rises after Elliott builds a more than $2 bln stake
• Report says China asked tech firms not to buy Nvidia's chips

Sept 17 (Reuters) - Wall Street futures pointed to a subdued open on Wednesday as markets stalled ahead of a widely anticipated interest-rate cut from the Federal Reserve later in the day, while Nvidia slipped after a report Chinese tech firms might stop buying its chips.

The U.S. central bank is expected to reduce borrowing costs by at least 25 basis points at 2 p.m. ET, a move priced in by investors after a series of economic indicators showed a weakening jobs market.

Markets will closely watch Chair Jerome Powell's speech as well as the "dot plot" projections to gauge the extent of interest-rate cuts that could be delivered this year and the next.

Traders are expecting a rate reduction totaling about 68 bps by the end of the year, according to data compiled by LSEG.

"We believe the expected 25-bps cut is the start of a cutting cycle... the Fed is pivoting from a more restrictive policy stance to a stimulative one in response to a cooling employment picture," said Chris Brigati, chief investment officer at SWBC.

"Some of this positivity may already be baked into the market, but the positive implications of stimulus should keep it moving forward."

Meanwhile, Nvidia NVDA.O fell 1.2% in premarket trading after the Financial Times reported that China's internet regulator had instructed the country's biggest tech companies to stop buying all of the AI leader's chips.

At 08:13 a.m. ET, Dow E-minis YMcv1 rose 39 points, or 0.09%, S&P 500 E-minis EScv1 fell 4.75 points, or 0.07% and Nasdaq 100 E-minis NQcv1 shed 17.25 points, or 0.07%.

Concerns about the Fed's independence seem to have eased slightly. Economic adviser Stephen Miran was sworn in as a Fed Governor on Tuesday, as the meeting was about to convene, while an appeals court rejected the Trump administration's bid to sack Governor Lisa Cook.

The Fed meeting will be a test of Wall Street's recent rally, with the S&P 500 and the Nasdaq hitting record highs in the last six sessions, boosted by rate-cut expectations and revived enthusiasm around AI-stock-linked trading.

Investors say the resumption of Fed rate cuts can add to Wall Street's rally, though such a boost would depend on whether lower interest rates could help the U.S. economy avoid a downturn.

The three main indexes have gained so far in September, a month deemed historically bad for U.S. equities. The benchmark S&P 500 has shed 1.5% on average in the month since 2000, data compiled by LSEG showed.

New Fortress Energy NFE.O soared 39% before the bell after the company reached an agreement to supply liquefied natural gas to the Puerto Rican government.

Workday WDAY.O gained 9.3% after activist investor Elliott Management said on Tuesday it had built a stake of more than $2 billion in the human resources software provider.

Manchester United MANU.N dipped 3.7% after the football club reported an annual net loss for the sixth consecutive year and forecast lower revenue for this fiscal year.

General Mills GIS.N fell 2.3% after the Cheerios maker maintained its annual sales and profit forecasts.