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Futures up: Dow 0.27%, S&P 500 0.08%, Nasdaq 0.03%

July 25 (Reuters) - U.S. index futures were muted on

Thursday, a day after a crushing selloff in megacap tech stocks

steered the S&P 500 and Nasdaq to their biggest drop since 2022,

with investors also bracing for a bevy of earnings and economic

data.

At 5:06 a.m. ET, Dow e-minis were up 108 points, or

0.27%, S&P 500 e-minis were up 4.5 points, or 0.08%, and

Nasdaq 100 e-minis were up 6.25 points, or 0.03%.

Lackluster earnings from Alphabet and Tesla

soured investor sentiment towards megacaps on Wednesday,

knocking down the high-momentum 'Magnificent Seven' group of

tech stocks. All three major Wall Street indexes slid between

1.2% and 3.6% on the day to end at multi-week lows.

The trend in the megacaps was largely mixed in Thursday's

premarket trading. Apple ( AAPL ), Nvidia ( NVDA ), Tesla and

Alphabet were down 0.5%-0.9%, while Amazon.com ( AMZN ) and Meta

Platforms ( META ) rose over 0.1% each.

The heavyweight stocks have powered the stock market to

all-time highs this year and Wednesday's selloff, following the

first round of quarterly tech earnings, highlighted concerns

that these stocks might be over-stretched and in for more

turbulence.

Futures tracking the Russell 2000 climbed 0.3% after

the small-cap index slumped over 2% in Wednesday's broad-based

market decline, even as investors now see more value in shifting

to lagging sectors.

With the rest of the highly monitored tech stocks not

reporting until next week, the focus now shifts to a slew of

economic data during the day -- durable goods, second-quarter

GDP and weekly jobless claims.

The personal consumption expenditures (PCE) price index

data, due on Friday, will be a crucial test for ongoing bets of

an early start to Federal Reserve rate cuts after the recent

trend of easing inflation and some weakness in the labor market.

Market participants are also pricing in around three rate

cuts this year. Bets of a 25-basis-points cut in September fell

to 78.5% from 90% the previous day, as per CME's FedWatch Tool.

Among individual stocks, Ford slumped 13% after its

second-quarter adjusted profit missed estimates by a wide margin

as the automaker continues to battle costly quality issues and

an EV business that is weighing on its bottom line.

IBM ( IBM ) climbed 4.1% after beating second-quarter

revenue estimates and raising its annual growth forecast for its

software business.

KLA rose 3% after forecasting revenue and profit

for its fiscal first quarter above expectations, while Edwards

Lifesciences ( EW ) slumped 22% after missing second-quarter

revenue estimates.

Chipotle Mexican Grill ( CMG ) rose 4% after surpassing

estimates for quarterly results.