Wall Street bounces back ahead of long weekend
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Dow, S&P 500 set for weekly losses
Megacap shares recover after Thursday's dour session
Workday falls after cutting revenue forecast
Ross Stores rises after Q1 results beat
Indexes up: Dow 0.21%, S&P 0.67%, Nasdaq 1.05%
Updated at 11:45 a.m. ET
By Ankika Biswas and Lisa Pauline Mattackal
May 24 (Reuters) - U.S. stock indexes climbed on Friday, regaining some lost ground following a weak session on Wall Street after inflation concerns rekindled monetary policy caution ahead of a long weekend.
The tech-heavy Nasdaq .IXIC jumped over 1% and was on track for its fifth straight weekly advance, while the blue-chip Dow .DJI was set for its first weekly decline in five after dropping to a two-week low on Thursday.
Trading volumes for the day are expected to be light, with the U.S. equity market closed on Monday for Memorial Day.
All three main indexes fell on Thursdayas economic data pointing to rising price pressures dented bets of interest-rate cuts this year, taking the limelight offNvidia's NVDA.O blowout quarterly results that reinforced investor faith in Big Tech's bet on artificial intelligence.
Nvidia shares rose 0.6% after jumping more than 9% a day earlier, closing above the key $1,000 mark and adding around $218 billion to its market value.
Reuters reported the company's most advanced AI chip developed for China had a weak start, with abundant supply forcing it to be priced below Huawei's rival chip.
Other megacap stocks including Apple AAPL.O, Alphabet GOOGL.O and Meta Platforms META.O also jumped between 0.8% and 2.5%.
Communication services .SPLRCLgained 1.2%, leading gains across major S&P 500 sectors.
Fresh data showed orders for durable goods rose 0.7% in April, compared with a 0.8% dip expected by economists polled by Reuters, while the University of Michigan's final consumer sentiment index for May came in at 69.1, above expectations of 67.5.
"The prior month's data was revised (lower) and if we look at that in combined with a decent reading this month, it tells us as far as the bigger picture, durable goods are going to be somewhat muted for the quarter," said Brian Klimke, chief market strategist at Cetera Investment Management.
"Our view is that the Fed may cut rates more than the market is anticipating. We're in the camp that we could see as many as three cuts this year."
Traders expect the U.S. central bank to ease its interest rates by 34 basis points by year-end. Goldman Sachs pushed back its call for a first rate cut to September from July. FEDWATCH
Small-cap stocks regained some ground, with the Russell 2000 .RUT rising 0.9% after Thursday's losses.
U.S. equity funds secured substantial inflows in the week ended May 22, boosted by optimism around robust corporate earnings. LSEG Lipper data showed investors pumped $9.9 billion into U.S. equity funds, significantly higher than $4.1 billion a week earlier.
At 11:45 a.m. ET, the Dow Jones Industrial Average .DJI was up 80.15 points, or 0.21%, at 39,145.41, the S&P 500 .SPX was up 35.45 points, or 0.67%, at 5,303.29, and the Nasdaq Composite .IXIC was up 176.56 points, or 1.05%, at 16,912.60.
Workday WDAY.O dropped 13.9% after the human resources software provider cut its annual subscription revenue forecast.
Ross Stores ROST.O jumped 9.8% after posting first-quarter results above estimates and raising its annual profit forecast.
Advancing issues outnumbered decliners by a 3.22-to-1 ratio on the NYSE and by a 1.89-to-1 ratio on the Nasdaq.
The S&P index recorded 26 new 52-week highs and five new lows, while the Nasdaq recorded 47 new highs and 82 new lows.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Devika Syamnath and Maju Samuel
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