Futures muted after S&P's eight-day winning streak; Fed in focus
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Palo Alto rises on upbeat forecast
Crypto stocks track rise in bitcoin
Boeing falls after halting 777-9 test flights
Futures mixed: Dow down 0.03%, S&P 500 up 0.1%, Nasdaq up 0.13%
Updated at 07:10 a.m. ET/1110 GMT
By Shashwat Chauhan and Johann M Cherian
Aug 20 (Reuters) -U.S. stock index futures were muted on Tuesday, asbets on aSeptember interest rate cut firmedahead of the release of minutes from the Federal Reserve's latest meet and ChairJerome Powell's speech at Jackson Hole later this week.
The S&P 500 .SPX and the Nasdaq .IXIC extended gains to an eighth straight session on Monday, their longest winning streak so far this year, after a recent set of dataraised optimism about the economichealth, boosting expectations of a rate cut when the Fed meetsin September.
Investors have been worried about a recession after a recent report pointed to a rise in unemployment in the world's largest economy, triggering a selloff in stock markets globally earlier in the month.
At 07:10 a.m. ET, Dow E-minis 1YMcv1 were down 11 points, or 0.03%, S&P 500 E-minis EScv1 were up 6 points, or 0.1%, and Nasdaq 100 E-minis NQcv1 were up 26.25 points, or 0.13%.
Traders currently see a 75.5% chance of the Fed cutting interest rates by 25 basis points (bps) in September, compared with anear-even split between a 50 and 25 bps cut seen a week ago, according to the CME FedWatch Tool.
As per a slim majority of economists polled by Reuters, the U.S. central bank will cut interest rates by 25 bps at each of the remaining three meetings of 2024, one more reduction than predicted last month.
Achilleas Georgolopoulos, an investment analyst at forex broker XM, however, sounded a note of caution.
"(The) forecasts are relatively aggressive considering the state of the U.S. economy and potentially reveal analysts' expectations that Chairman Powell will be relatively dovish at the Jackson Hole Symposium," Georgolopoulos said.
"This is probably the main market scenario currently priced in, which increases the possibility of an acute market reaction if Powell repeats his balanced view and fails to appear dovish."
Traders are on watch forany hints from Powell of a rate cut at the upcoming Fed meeting in September when he delivers his speech at theannual economic symposium in Jackson Hole on Friday.
Atlanta Fed chief Raphael Bostic and Fed Vice Chair for Supervision Michael Barr will speak later on Tuesday. Minutes from the Fed's last policy meeting are due on Wednesday.
Among individual premarket movers, Palo Alto Networks PANW.O gained 2.5% after the company forecast fiscal 2025 revenue and profit above estimates, a sign of growing demand for its cybersecurity products as the digital threat landscape evolves.
Cryptocurrency and blockchain-related stocks such as those of MicroStrategy MSTR.O, Coinbase Global COIN.O and Riot Platforms RIOT.O added between 2.2% and 3.2% asbitcoin pricesBTC= rose 2.6%.
Boeing BA.N slipped 1.2% after the airline makerstopped test flights of its 777-9 models as it awaits certification after a component between engine and airplane structure failed to perform during a maintenance check.
Lowe's LOW.N cut its annual profit and sales forecasts , as economic concerns keep consumers from splurging on pricy home improvements. Shares of the home improvement retailer were volatile and were last flat.
U.S. stocks back up to levels seen before early August selloff https://tmsnrt.rs/4dT7Pkx
Reporting by Shashwat Chauhan and Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva
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