By Ankika Biswas and Lisa Pauline Mattackal

(Reuters) -Futures for the S&P 500 and the Dow edged higher, while those tracking the Nasdaq were flat at the start of a week marked with a crucial inflation print that will shed further light on the monetary policy outlook.

The biggest event on investors' radar for the week is Friday's personal consumption expenditures (PCE) price index report- the Federal Reserve's preferred measure of inflation, expected to show moderation in price pressures.

Market participants are still expecting about two rate cuts this year, pricing in an over 65% chance of a cut in September, as per LSEG's FedWatch. The data comes against the backdrop of investors weighing the moderation in recent inflation data against the Fed's latest projection of one rate cut likely in December.

"Recent PCE readings have not always conformed to expectations ... the push of the U.S. data in the last two weeks has left the markets expecting 2 cuts while the Fed sees just one - this will be recalculated after the Friday report," Bob Savage, head of markets strategy and insights at BNY Mellon, wrote in a note.

Meanwhile, AI chip leader Nvidia slipped 1.7% premarket following a near 7% slide over the past two sessions. Some other semiconductor stocks also fell, with Arm Holdings and Advanced Micro Devices down 2.1% and 0.4%, respectively.

Investors also awaited remarks from this year's Fed voting committee member, San Francisco President Mary Daly, during the day in light of the narrative of higher-for-longer interest rates maintained by several Fed policymakers.

The S&P 500 posted its third straight weekly gain and the blue-chip Dow recorded its strongest weekly performance in six in the previous week, which saw simultaneous expiration of stock and index derivative contracts, quarterly S&P 500 rebalancing, mixed economic data and Nvidia briefly becoming the world's most valuable firm.

The other events lined up for the week include durable goods, weekly jobless claims and final first-quarter GDP figures, along with some quarterly earnings from the likes of FedEx, Carnival Corp, Micron Technology and Walgreens Boots Alliance.

Also on the radar, President Joe Biden will debate rival Donald Trump in Atlanta on Thursday, with both neck-and-neck in national opinion polls, as a considerable slice of the electorate remains undecided over four months before the Nov. 5 vote.

At 7:21 a.m. ET, Dow e-minis were up 107 points, or 0.27%, S&P 500 e-minis were up 6.5 points, or 0.12%, and Nasdaq 100 e-minis were down 2.75 points, or 0.01%.

Among major premarket movers, Under Armour dropped 2.3% after the sports apparel maker agreed to pay $434 million to settle a 2017 class action lawsuit accusing it of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts.

Respiratory device maker ResMed slumped 12.0% after Eli Lilly said its popular weight-loss drug Zepbound helped resolve moderate-to-severe obstructive sleep apnea in up to 52% of patients in two late-stage trials.

Affirm Holdings rose 3.3% after Goldman Sachs assumed coverage of the buy now, pay later firm with a "buy" rating.