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Futures down: Dow 0.01%, S&P 500 0.15%, Nasdaq 0.31%

July 23 (Reuters) - U.S. stock index futures slipped on

Tuesday ahead of results from some Big Tech companies expected

later in the day that will be parsed to see whether the market's

recent record-breaking run is sustainable.

With investors returning to megacap growth stocks on Monday,

the S&P 500 and the Nasdaq snapped a three-day

losing streak and logged their biggest one-day gain in more than

a month.

The two main indexes have pulled back recently following a

record rally as investors exited Big Tech stocks in favor of

underperforming sections of the market.

Results from Big Tech companies will be key to determine

whether U.S. stocks are overvalued or have more room for growth.

Alphabet and Tesla, two of the so-called

"Magnificent Seven" are set to report quarterly results after

market close. Both the shares were up around 0.3% each in a

largely mixed premarket session for the group of stocks.

AI chip firm Nvidia ( NVDA ) dropped 0.8% after logging its

steepest one-day gain in nearly a month during Monday's session.

After U.S. President Joe Biden withdrew from his reelection

campaign and Vice President Kamala Harris has become the

Democrat party's presumed nominee, focus moves to the quarterly

earnings season for clues on the health of corporate America

amid decades-high interest rates.

Other companies reporting results before the bell include

General Motors ( GM ), United Parcel Service ( UPS ), Coca-Cola

and Philip Morris International ( PM ).

Of the 74 S&P 500 companies that have reported quarterly

results during this earnings season, 81.1% beat expectations,

according to LSEG data.

Economic data scheduled for this week, including the

personal consumption expenditures (PCE) price index, the Fed's

preferred inflation gauge, will be key in assessing the monetary

policy outlook amid the recent downtrend in inflation and signs

of an easing labor market.

Bets of a 25-basis point interest rate cut by September have

shot up to nearly 92% from the near 60% seen last month,

according to CME's FedWatch Tool, with two rate cuts seen by the

year end.

At 5:17 a.m. ET, Dow e-minis were down 4 points, or

0.01%, S&P 500 e-minis were down 8.25 points, or 0.15%,

and Nasdaq 100 e-minis were down 63 points, or 0.31%.

NXP Semiconductors ( NXPI ) slumped 9% after the company

forecast third-quarter revenue below estimates as it battles

sluggish demand from automotive customers.

Other chip stocks including ON Semiconductor, Texas

Instruments ( TXN ) and Advanced Micro Devices ( AMD ) were also

down between 1.2% and 3.6%.