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Futures down: Dow 0.28%, S&P 0.5%, Nasdaq 0.83%

May 1 (Reuters) - U.S. stock index futures fell on

Wednesday as downbeat results dragged chip stocks and markets

exercised caution ahead of more economic data and the Federal

Reserve's interest rate decision later in the day.

Advanced Micro Devices ( AMD ) shed 6.3% in premarket

trading after its forecast for AI chip sales failed to impress

investors, while Super Micro Computer ( SMCI ) lost 9.1% as the

artificial intelligence server maker reported third-quarter

revenue below estimates.

Other chipmakers also traded in the red, with Nvidia ( NVDA )

and Micron Technology ( MU ) down more than 2% each.

U.S. stocks ended lower on Tuesday as data showing a rise in

labor costs and deteriorating consumer confidence dampened

rate-cut expectations.

Investors will now await a slew of economic data during the

day to further gauge the state of inflation in the U.S. economy,

before tuning in to the Fed's interest rate decision at the end

of its two-day meeting.

On the docket for the day are the ADP National employment

numbers for April at 8:15 a.m. ET, the April S&P Global final

manufacturing PMI data shortly after the opening bell, the ISM

manufacturing PMI data and the JOLTS job openings figures, both

at 10 a.m. ET.

"FOMC meeting is likely to confirm that, from a global

perspective, the script has flipped. Everyone thought the Fed

would be the first or one of the first central banks to cut

rates this cycle, now it looks like it will be one of the last,"

said Brendan Murphy, Head of Global Fixed Income, North America,

at Insight Investment.

"Although we still expect rate cuts to remain on the agenda

for later in the year, disinflation has stalled in the U.S.,

where it hasn't in many places overseas."

Money markets expect the U.S. central bank to stay pat on

rates later in the day, pricing in just about 28 basis points

(bps) of rate cuts this year, down from around 150 bps seen at

the start of 2024, according to LSEG data.

A sharp pullback in rate cut bets and tensions in the Middle

East made April a rough month for U.S. equities, with all three

stock indexes posting their first monthly loss in six.

Their performance in May will be put to the test as the rest

of the first-quarter earnings season continues and the interest

rate outlook becomes clearer.

Over the last 50 years, the S&P 500 has gained an

average of 4.8% between November and April, and just 1.2%

between May and October, according to Reuters calculations,

giving rise to the popular market adage "Sell in May and Go

Away".

At 05:31 a.m. ET, Dow E-minis were down 108 points,

or 0.28%, S&P 500 E-minis were down 25.5 points, or

0.5%, and Nasdaq 100 E-minis were down 145.25 points, or

0.83%.

Among other movers, Starbucks ( SBUX ) dropped 12% premarket

as the coffee giant cut its annual sales forecast after

reporting a fall in same-store sales for the first time in

nearly three years.

On the bright side, Pinterest ( PINS ) surged 18% after the

social media firm forecast second-quarter revenue above Wall

Street estimates.

(Reporting by Shristi Achar A in Bengaluru; Editing by Devika

Syamnath)