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* US health insurers drop after Medicare rates disappoint

* Tesla slides after Q1 deliveries miss

* Calvin Klein-parent PVH down after dour FY revenue forecast

* Indexes down: Dow 1.19%, S&P 1.10%, Nasdaq 1.50%

April 2 (Reuters) - U.S. stock indexes fell on Tuesday, dragged down by megacap stocks and health insurers as investors grew concerned about the possibility of fewer interest rate cuts than expected from the Federal Reserve in the wake of strong economic data.

Shares of rate-sensitive growth stocks including Nvidia , Microsoft and Amazon fell more than 1% each as the U.S. Treasury 10-year yield rose to its highest since late November on Tuesday's data.

The data showed U.S. factory orders as well as job openings beat expectations in February.

The Dow and S&P 500 closed lower on Monday after stronger-than-expected manufacturing data from the Institute for Supply Management (ISM) raised doubts over the Fed's three interest rate cuts it had outlined at the last policy meeting.

"We had that upside surprise with the ISM and now people are getting a little bit worried about another strong number this Friday in terms of jobs," said David Russell, global head of market strategy at TradeStation.

Monthly non-farm payrolls data on Friday is likely to show job additions slowed in March although average earnings ticked higher compared to the previous month.

"The idea of three cuts this year... that's sort of what people are concerned about this week," said Russell.

Traders are pricing in a near 57% chance of the Fed cutting interest rates by at least 25 basis points in June, and see two more cuts in 2024, as per CMEGroup's FedWatch tool.

The CBOE Volatility index, Wall Street's fear gauge, touched a two-week high on Tuesday.

Investors will be looking for more clues in comments from a host of Fed officials including New York Fed President John Williams, Cleveland Fed President Loretta Mester and San Francisco President Mary Daly, scheduled to speak later in the day.

At 10:15 a.m. ET, the Dow Jones Industrial Average was down 471.37 points, or 1.19%, at 39,095.48, the S&P 500 was down 57.57 points, or 1.10%, at 5,186.20, and the Nasdaq Composite was down 245.44 points, or 1.50%, at 16,151.40.

The gloomy start to the new quarter comes on the heels of the S&P 500's strongest first quarter in five years. The three major indexes hit record highs last month, helped by optimism around artificial intelligence and expectations of easing monetary policy.

Shares of UnitedHealth, CVS Health and Humana fell between 6.2% and 13.5% on Tuesday as the U.S. government kept reimbursement rates for providers of Medicare Advantage health plans unchanged, in a setback to insurers.

Tesla tumbled 4.9% after the automaker missed market expectations for first-quarter deliveries.

Calvin Klein-parent PVH Corp's shares tumbled 21.9% after the retailer forecast an about 11% drop in first-quarter revenue. Peer Ralph Lauren lost 4.3%.

Cryptocurrency and blockchain-related stocks dropped, tracking an over 6% fall in bitcoin. Exchange operator Coinbase, bitcoin investor MicroStrategy and crypto miner Riot Platforms fell between 4.2% and 7.9%.

Declining issues outnumbered advancers for a 3.48-to-1 ratio on the NYSE and for a 3.90-to-1 ratio on the Nasdaq.

The S&P index recorded 20 new 52-week highs and 3 new lows, while the Nasdaq recorded 27 new highs and 69 new lows.

(Reporting by Sruthi Shankar and Shashwat Chauhan in Bengaluru; Editing by Shinjini Ganguli)