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US STOCKS-Wall Street subdued ahead of Powell, Yellen testimonies

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Oil, travel stocks slip on virus concerns

* GameStop drops ahead of quarterly results

* Indexes flat: Dow 0.01%, S&P 0.08%, Nasdaq 0.03% (Updates to market open)

March 23 (Reuters) - Wall Street was muted on Tuesday as energy stocks slipped, while investors marked time ahead of remarks from Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen for clues about their tolerance for higher bond yields.

The S&P energy index shed 1.5% as oil prices slumped more than 3% on fears that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in demand.

The U.S. equity market 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 value stocks,” said Julian Emanuel, chief equity and derivatives strategist at BTIG.

The benchmark S&P 500 and the blue-chip Dow have rallied about 79% from their pandemic lows hit exactly a year ago, while the tech-heavy Nasdaq has doubled in value.

The CBOE volatility index eased to its lowest level in 13 months.

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).

At 10:17 a.m. ET, the Dow Jones Industrial Average was up 2.53 points, or 0.01%, at 32,733.73, the S&P 500 was up 3.22 points, or 0.08%, at 3,943.81, and the Nasdaq Composite was up 4.62 points, or 0.03%, at 13,382.16.

Shares of videogame retailer GameStop Corp dropped 3.4% ahead of its fourth-quarter results due after markets close. The company announced the exit of its chief customer officer in the latest sign of a broader overhaul into an e-commerce firm.

ViacomCBS Inc tumbled about 8% after the media firm launched $3 billion stock deals to raise capital for investments in streaming.

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.

Declining issues outnumbered advancers 2.30-to-1 on the NYSE and 2.97-to-1 on the Nasdaq.

The S&P index recorded eight new 52-week highs and no new low, while the Nasdaq recorded 29 new highs and 22 new lows. (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Maju Samuel)

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