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Reddit ( RDDT ) gains on OpenAI partnership

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Crypto stocks rise on higher bitcoin prices

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Futures: Dow off 0.01%, S&P up 0.01%, Nasdaq up 0.10%

(Updated at 07:00 a.m. ET/ 1100 GMT)

By Bansari Mayur Kamdar and Shristi Achar A

May 17 (Reuters) - U.S. stock index futures were

treading water on Friday, signaling a pause on Wall Street after

a rally driven by expectations of interest-rate cuts this year.

The S&P 500 and Nasdaq were still on course for a fourth

straight week of gains, while the blue-chip Dow was on track for

its fifth weekly advance, supported by strong quarterly results

and slowing inflation data that bolstered the case for rate cuts

from the Federal Reserve.

All three main indexes touched record highs on Thursday and

the Dow briefly crossed the 40,000 milestone, before reversing

gains and closing in the red.

"We believe the rally has been well-supported. The

first-quarter earnings results and guidance provided us with

greater conviction for our view of 9% earnings growth for the

S&P 500 in 2024, with earnings growth broadening out beyond the

large-cap growth companies," Mark Haefele, chief investment

officer at UBS Global Wealth Management, said in a note.

"Additionally, U.S. economic data has been in line with our

base case for a soft landing."

Investors will parse comments from Fed officials Christopher

Waller and Mary Daly, expected after the opening bell, for

further cues on the central bank's monetary policy path.

Traders currently see a 68% chance of the first rate cut in

September, according to the CME FedWatch Tool.

At 07:00 a.m. ET, Dow e-minis were down 5 points,

or 0.01%, S&P 500 e-minis were up 0.5 points, or 0.01%,

and Nasdaq 100 e-minis were up 18 points, or 0.1%.

Advanced Micro Devices ( AMD ) gained 2.3% in premarket

trading after Microsoft ( MSFT ) said it plans to offer its

cloud computing customers a platform of AMD artificial

intelligence chips that will compete with components made by

Nvidia ( NVDA ).

Reddit ( RDDT ) rose 15.8% on partnering with OpenAI to

bring its content to ChatGPT.

Cryptocurrency-linked stocks rose, tracking higher bitcoin

prices. Crypto exchange Coinbase Global ( COIN ) as well as

crypto miners Riot Platforms Inc ( RIOT ) and Marathon Digital ( MARA )

gained between 1.8% and 2.5%.

DXC Technology ( DXC ) shed 22.9% after the IT management

firm forecast fiscal 2025 revenue below Street estimates.

(Reporting by Bansari Mayur Kamdar and Shristi Achar A in

Bengaluru; Editing by Varun H K and Devika Syamnath)