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Futures up: Dow 0.13%, S&P 0.24%, Nasdaq 0.21%

May 24 (Reuters) - U.S. stock index futures rose on

Friday, rebounding after closing lower in the previous session

on signs of persistent inflation that rekindled monetary policy

caution ahead of a long weekend.

After riding high on Nvidia's ( NVDA ) blowout revenue

forecast and a 10-for-one stock split in Thursday's early trade,

Wall Street's main indexes turned lower after economic data

pointing to rising price pressures dented bets of interest-rate

cuts this year.

"Recent comments from Fed officials, stronger-than-expected

PMI data resulted in a push-back on expectations for Fed cut

trajectory," OCBC strategists said in a note.

"These developments reinforced the view that markets remain

sensitive to data. The data also served as a reminder that the

current high-for-longer rates environment may persist for a

longer period."

Investor focus now shifts to more economic data including

durable goods for April and the University of Michigan's final

consumer sentiment, along with remarks from Fed Board Governor

Christopher Waller - all scheduled for the day.

Traders expect the U.S. central bank to ease its interest

rates by 36.5 basis points by year-end.

The blue-chip Dow logged its biggest one-day drop

since March 2023 on Thursday while the benchmark S&P 500

recorded its worst session in over three weeks. Both the indexes

were set for weekly losses after four straight weeks of gains.

Nvidia ( NVDA ) shares edged 0.5% higher premarket after jumping over

9% a day earlier to close above the key $1,000 mark and add

around $218 billion to its market value.

Reuters reported the company's most advanced AI chip

developed for China had a weak start, with abundant supply

forcing it to be priced below Huawei's rival chip.

Other megacap stocks including Apple ( AAPL ), Alphabet

and Meta Platforms ( META ) were also up between 0.4%

and 0.7%.

The U.S. equity market will be closed on Monday on account

of Memorial Day.

At 5:33 a.m. ET, Dow e-minis were up 50 points, or

0.13%, S&P 500 e-minis were up 12.75 points, or 0.24%,

and Nasdaq 100 e-minis were up 40 points, or 0.21%.

Meanwhile, the U.S. Securities and Exchange Commission

approved applications from Nasdaq, CBOE and NYSE to list

exchange-traded funds (ETFs) tied to ether prices, potentially

paving the way for products to begin trading later this year.

However, ProShares Ether Strategy ETF was down 3.6%

after jumping more than 22% so far this week.

Workday dropped 12.3% after the human resources

software provider cut its annual subscription revenue forecast.

(Reporting by Ankika Biswas in Bengaluru; Editing by Devika

Syamnath)