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Updates with prices, analyst comment before the opening bell

By Nikhil Sharma and Pranav Kashyap

July 30 (Reuters) - Wall Street was set for a steady open on Wednesday, as investors assessed better-than-expected GDP data, and awaited the Federal Reserve's policy decision and key tech earnings.

Gross domestic product increased at a 3% annualized rate in the second quarter, helped by subsiding imports, which accounted for the bulk of the improvement, and a moderate increase in consumer spending.

"The market's taking some reassurance from the headline number, but the more you dig into it, the more concerned that you get," said Ben Laidler, head of equity strategy at Bradesco BBI.

"It puts the Fed in a tougher position with the rise coming in higher than expected. There's a huge amount of tariff noise in this reading."

The ADP National Employment Report, which comes ahead of Friday's nonfarm payrolls, showed private payrolls rose 104,000 in July, compared with estimates for an increase of 75,000.

At 08:40 a.m. ET, Dow E-minis YMcv1 were up 12 points, or 0.03%, Nasdaq 100 E-minis NQcv1 were up 46.75 points, or 0.2%, S&P 500 E-minis EScv1 were up 6.5 points, or 0.1%.

While the market remained mostly steady, caution emerged after President Donald Trump announced a 25% tariff on goods imported from India starting from August 1.

Trump stands firm that the deadline approaching on Friday will not be extended for any trading partner that still does not have a deal in place.

Meanwhile, two days of U.S.-China negotiations ended in both sides agreeing to seek an extension of their 90-day tariff truce, which expires on August 12. U.S. officials said it would be up to President Donald Trump to approve the extension.

South Korea was also lobbying to secure a trade deal ahead of Trump's August 1 deadline as its officials met U.S. Commerce Secretary Howard Lutnick in Washington.

On Tuesday, the S&P 500 and the Nasdaq snapped their record run due to disappointing results from Dow components UnitedHealth UNH.N and Merck MRK.N.

Investors are now placing their bets on results from megacaps to steer Wall Street to new highs. Microsoft MSFT.O and Meta Platforms META.O will report their results after the market closes, while Amazon AMZN.O and Apple AAPL.O will report on Thursday.

Shares of Starbucks SBUX.O jumped 5.4% in premarket trading after the coffee chain operator reported a higher-than-expected revenue jump in the third quarter.

Global payments processing company Visa V.N fell 2.3%, despite beating estimates for third-quarter earnings, as it kept its annual net revenue growth forecast unchanged.

Investors will also closely monitor the Fed's interest rate decision later in the day. While a "hold" verdict has largely been priced in, attention will shift to Chair Jerome Powell's comments for any clues about the future policy path.

The meeting comes amid mounting political pressure from the White House to lower rates, despite Powell's stance to first assess the impact of tariffs on inflation before making any such move.

Among other earnings moves, Humana HUM.N gained 10% after the health insurer raised its annual profit forecast.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Shinjini Ganguli)

((Nikhil.Sharma@thomsonreuters.com; pranav.kashyap@tr.com))