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Weekly jobless claims due at 8:30 a.m. ET

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Airbnb ( ABNB ) falls on weak Q2 revenue forecast

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Futures down: S&P 0.23%, Nasdaq 0.29%, Dow 0.24%

By Sruthi Shankar and Shristi Achar A

May 9 (Reuters) - U.S. stock index futures slipped on

Thursday as Treasury yields extended gains ahead of jobless

claims data that is expected to offer more clues on the Federal

Reserve's monetary policy path for the year.

Chip designer Arm Holdings tumbled 8.8% in premarket

trading as its full-year revenue forecast came in below

expectations after a fourth-quarter beat. Bigger rival Nvidia ( NVDA )

also slipped marginally.

Other megacap stocks such as Apple ( AAPL ) and Meta

Platforms ( META ) fell 0.2% and 0.4%, respectively, as the

yield on 10-year Treasury notes, the benchmark for

global borrowing costs, edged up for a second day after the

auction of 10-year notes.

In a week lacking big catalysts, market momentum has stalled

somewhat as investors look for more clarity on potential

interest rate cuts, after softer-than-expected payrolls data

last week fueled bets of one or two cuts this year.

"We believe that the next move from the Fed would be a cut,"

said Mohit Kumar, chief economist Europe at Jefferies.

"Next week's US CPI could prove to be one of the catalysts,

but if the range still hold then we could be looking at the

employment report in early June as the next potential catalyst."

Money market traders are pricing in U.S. rate cuts of 44

basis points (bps) by the end of 2024, according to LSEG's rate

probabilities app.

Market focus will be on weekly jobless claims data and

remarks from San Francisco Fed President Mary Daly during the

day.

Boston Fed President Susan Collins on Wednesday expressed

confidence that the current setting of monetary policy will slow

the economy in a way she believes will be necessary to get

inflation back to the Fed's 2% target.

The S&P 500 ended flat on Wednesday after four

sessions of gains and the Nasdaq slipped for a second

day. The Dow Jones Industrial Average, however, stretched

its winning streak to a sixth straight session and closed above

39,000 points for the first time in five weeks.

At 07:10 a.m. ET, Dow E-minis were down 94 points,

or 0.24%, S&P 500 E-minis were down 12 points, or 0.23%

and Nasdaq 100 E-minis were down 52.75 points, or 0.29%.

Robinhood Markets ( HOOD ) gained 4.5% after the online

brokerage beat estimates for first-quarter profit, thanks to

robust crypto trading volumes and rate hikes that boosted its

net interest revenue.

Airbnb ( ABNB ) slid nearly 8.3% after the vacation rental

company forecast second-quarter revenue below market

expectations.

(Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru;

Editing by Devika Syamnath and Shinjini Ganguli)