US STOCKS-Wall St set to open higher as investors weigh energy costs before Fed call

* Futures up: Dow 0.31%, S&P 500 0.21%, Nasdaq 0.12%

* Honeywell International (HON) slips 1.1%, says the Middle East conflict could hit Q1 revenue

* Delta Air Lines (DAL) rises 5%, raises revenue expectation for the quarter

* Fed to meet on Tuesday and Wednesday (Updates to before markets open, adds analyst comments)

By Johann M Cherian and Utkarsh Hathi

March 17 (Reuters) - Wall Street's main indexes were set for a slightly higher open on Tuesday as investors weighed the impact of the Middle East conflict on energy costs, putting inflation risks back in focus ahead of the Federal Reserve's two-day meeting.

U.S. stocks gained from a tech-driven rebound in the previous session that saw the benchmark S&P 500 log its biggest one-day jump in over a month. Nvidia's (NVDA) annual developer conferencewas also extensively watched. Nvidia (NVDA) said the revenue opportunity for its artificial intelligence chips may reach at least $1 trillion through 2027, as it outlined a strategy to compete more aggressively in the fast-growing market for running AI systems in real time.

Shares of the company were up 0.4% in premarket trading after Monday's 1.6% rise. Peer Broadcom (AVGO) traded marginally lower, while Advanced Micro Devices (AMD) rose 0.6%. Investors were also focused on the expanding conflict in the Middle East that is likely to keep the Strait of Hormuz shut, as U.S. President Donald Trump's call to allies to safeguard the passage went unanswered. Oil price-sensitive airlines that have faced the brunt of the selloff since the war started got some reprieve after Delta raised its revenue guidance for the current quarter on accelerated demand. The carrier's shares gained 5% and American added 4%.

Brokerages lifted their outlooks for energy prices that are likely to dampen economic growth, a factor that the Australian central bank also flagged when it hiked interest rates earlier in the day.

The U.S. Fed is likely to leave borrowing costs unchanged at the end of its two-day meeting on Wednesday.

"There are too many moving parts in a regular economy and then on top of it, we have this tremendously impactful conflict, which will make it even more impossible for the Fed to discern any patterns right now," said Peter Andersen, founder of Andersen Capital Management. "I would expect the Fed to stay on hold and to have a very unremarkable transcript and press conference." Rate futures suggest just one 25-basis-point cut towards the end of the year, according to LSEG-compiled data, down from around two before the war. At 08:37 a.m. ET, U.S. S&P 500 E-minis were up 14 points, or 0.21%, Nasdaq 100 E-minis were up 30 points, or 0.12%, and Dow E-minis were up 146 points, or 0.31%.

Futures tracking the rate-sensitive Russell 2000 index rose 0.3%, while Wall Street's fear gauge, the CBOE volatility index dropped 0.86 points to 22.65.

Despite the global turmoil in markets due to the war, U.S. stocks have held up better than those in Europe and Asia on expectations that the repercussions on the economy will be less severe.

However, analysts have underscored that investors are yet to fully consider the effects of the war on the global economy.

Honeywell International (HON) slipped 1.1% after the industrial giant said the conflict could hit its first-quarter revenue, weeks after oilfield services company SLB flagged an earnings squeeze. The conflict has also delayed a planned summit between U.S. and China's leaders on President Trump's request. Among others, ride-hailing app Uber (UBER) added 4.1% after announcing plans to roll out robotaxis in 28 cities starting next year, powered by Nvidia's (NVDA) autonomous driving software.

Energy company Occidental gained 1%, and peers ConocoPhillips (COP) and EQT rose 1% each on higher crude and gas prices. (Reporting by Johann M Cherian and Utkarsh Hathi in Bengaluru; Editing by Krishna Chandra Eluri and Devika Syamnath)