From Nasdaq:

U.S. stock index futures were subdued with a slew of economic data reports on the radar, while investors looked ahead to commentary from central bank officials on the timing of the Federal Reserve’s first interest-rate cut.
Wall Street made a comeback after an inflation-induced malaise, driven by gains in megacaps. Nvidia dethroned Google-parent Alphabet to become the country’s third most valuable firm days after it overtook Amazon.com.

Investors found relief after policymakers said price pressures were still moderating, although the path to the 2% target could be bumpy. Comments from Governor Christopher Waller and Atlanta Fed President Raphael Bostic due through the day will also be scrutinized for their perspectives on the monetary policy easing outlook.

The most recent GDP data showed that the UK and Japan had slipped into negative growth for two straight quarters. At 5:49 a.m. ET, Dow e-minis were up 52 points, or 0.14%, S&P 500 e-minis were up 5 points, or 0.10%, and Nasdaq 100 e-minis were up 11 points, or 0.06%.

Cisco Systems’ stock shed 5.2% after the company said it would cut 5% of its global workforce and lowered its annual revenue target. SoundHound AI jumped 73.4%, while Arm climbed 3.7% after Nvidia disclosed stakes in both AI-related firms.

Alphabet dipped 1.5% after investment firm Third Point said it had dissolved its stake in the megacap.



Read more: US STOCKS-Futures tepid ahead of economic data