Nasdaq futures surge as tech gains offset Fed caution
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Futures: Dow down 0.31%, S&P up 0.05%, Nasdaq up 0.51%
June 13 (Reuters) -Futures tracking the Nasdaq leapt on Thursday on gains in heavyweight technologystocks, aidedby broadly unchanged bets on the Federal Reserve easing interest rates in September despite the central bank projecting just one cut this year.
Investor sentiment got a boost fromsofter-than-expected inflation data and Fed Chairman Jerome Powell's acknowledgement that progress had been made in tackling price pressures.
While marketstrimmed bets on a September start to rate cuts, they still expect an over 60% chanceof that happening, according to the CME's FedWatch tool. Interestrate traders are pricing in nearly two 25 basis point cuts, according toLSEG data FEDWATCH.
"Ultimately, whether there are one or two rate cuts this year matters much less than the overall path of policy rates, the FOMC remains entirely data-dependent, but it acknowledges that policy must stop being restrictive before it harms the economy," said Paolo Zanghieri, senior economist at Generali Investments.
"We do not think that the current meeting rules out our expectation of two rate cuts this year," Zanghieri said.
Benchmark Treasury yields US10YT=RR slid on Wednesday, helping the S&P 500 and Nasdaq .IXIC close at record highs even though they pared gains from earlier in the session.
May's producer price index reading and weekly jobless claims data are due before markets open on Thursday, and New York Fed President John Williams will moderate a panel later in the day.
A rally in tech stocks persisted in premarkettrading, with shares of Broadcom AVGO.O soaring 13.5% after the company raised its forecasts for revenue from chips designed for artificial intelligence operationsand announced a 10-for-1 forward stock split.
Peer Nvidia NVDA.O rose 2.1%, though shares of other megacaps Amazon AMZN.O, Meta Platforms META.O and Alphabet GOOGL.O slipped between 0.4% and 0.6%.
Solid gains in a handful of megacap technology stocks and expectations of a soft landing for the economyhave been key factors behindthe S&P 500 and Nasdaq's strong runs this year.
S&P 500 futures rose on Thursday, though Dow futures fell after the blue-chip index closed roughlyflat in the previous session.
Futures tracking the more economically sensitive small-cap Russell 2000 RTYcv1 also fell 0.5% after the index notched its best day in over a month on Wednesday.
Apple sharesAAPL.O rose 0.2%, set to reclaimthe title of the world's most valuable company from Microsoft MSFT.O if gains hold.
At 5:40 a.m. ET, Dow e-minis 1YMcv1 were down 119 points, or 0.31%, S&P 500 e-minis EScv1 were up 2.75 points, or 0.05%, and Nasdaq 100 e-minis NQcv1 were up 100.25 points, or 0.51%.
Meanwhile, Tesla leapt TSLA.O 5% after Elon Musk said company shareholders were voting to approve his $56 billion pay package and to move the electric-vehicle maker's legal home to Texas.
Virgin Galactic SPCE.N plunged 7.8%, a day afterannouncing a 1-for-20 reverse stock split.
The Fed’s dot plot https://reut.rs/3Rqet91
Reporting by Lisa Mattackal in Bengaluru; Editing by Devika Syamnath
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