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* Oil, travel stocks slip on virus concerns
* GameStop Corp rises ahead of quarterly results
* Futures: Dow down 0.37%, S&P dips 0.31%, Nasdaq up 0.10% (Adds comment; updates price throughout)
March 23 (Reuters) - The S&P 500 and the Dow were set to open lower on Tuesday as energy and travel stocks slipped, while investors awaited remarks from Fed Chair Jerome Powell and Treasury Secretary Janet Yellen for clues on the pace of economic rebound.
Chevron Corp, Occidental Petroleum Corp and Exxon Mobil Corp shed between 1.7% and 3.8% premarket as oil prices slumped 3% on fears that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in demand.
Travel-related stocks including United Airlines Holdings , American Airlines, Royal Caribbean Cruises Ltd and Carnival Corp slipped between 1.3% and 2.2% .
Wall Street’s main indexes rallied on Monday as investors rotated out of undervalued economy-linked banks and energy stocks and moved into tech-focused shares in a slight reversal of this year’s trend.
“It really is a sense of confusion as the market searches for the next leadership or the continued leadership from the value area,” said Julian Emanuel, chief equity and derivatives strategist at BTIG.
Powell is expected to reiterate his confidence in the economy’s growth while cautioning the recovery is far from complete. Yellen is likely to paint an optimistic picture of the economy before the U.S. lawmakers later in the day. Their congressional hearings begin at 12 p.m. ET (1600 GMT).
“We kind of know where the Fed is at in terms of yields, inflation and accommodation. We will want to hear a lot more about what Yellen says on additional stimulus,” said Neil Wilson, chief market analyst for Markets.com.
At 8:23 a.m. ET, Dow E-minis were down 121 points, or 0.37% and S&P 500 E-minis were down 12 points, or 0.31%. Nasdaq 100 E-minis were up 13.5 points, or 0.1%.
Shares of videogame retailer GameStop Corp, which is transitioning itself into an ecommerce firm, rose 0.7% ahead of its fourth-quarter results due after markets close. The stock has been at the center of a retail trading frenzy recently.
U.S.-listed shares of AstraZeneca Plc fell 2.3% after a U.S. health agency raised fresh doubt on the results of the drugmaker’s large-scale COVID-19 vaccine trials.
U.S.-listed shares of Chinese internet search provider Baidu Inc slid 3% following a flat Hong Kong debut as investors were wary of a fundraising flurry in the city and questioned the company’s growth plans. (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Maju Samuel)