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PCE data due on Friday

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Under Armour ( UAA ) falls after agreeing on lawsuit payout

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Futures: Dow up 0.27%, S&P 500 up 0.12%, Nasdaq down 0.01%

(Updated at 7:21 a.m. ET/1121 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

June 24 (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 ( NVDA ) 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 ( AMD ) 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 ( NVDA ) 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 ( FDX ), Carnival Corp ( CCL ), Micron Technology ( MU )

and Walgreens Boots Alliance ( WBA ).

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 ( UAA ) 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 ( RMD ) slumped 12.0% after

Eli Lilly ( LLY ) 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 ( AFRM ) rose 3.3% after Goldman Sachs

assumed coverage of the buy now, pay later firm with a "buy"

rating.