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Nike ( NKE ) slumps after results

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Trump-linked stocks jump after presidential debate

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Infinera ( INFN ) rises after Nokia to buy company

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Futures up: Dow 0.08%, S&P 500 0.6%, Nasdaq 0.43%

(Updated at 7:19 a.m. ET/1119 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

June 28 (Reuters) -

Wall Street futures were higher on Friday, on hopes that a

closely watched measure of inflation would show moderation in

price pressures and strengthen the case for interest rate cuts

this year.

The Commerce Department's data is expected to show the

personal consumption expenditures (PCE) price index - the

Federal Reserve's preferred inflation gauge - remained flat in

May after rising 0.3% in the previous month, with the core

figure seen rising 0.1% after a 0.2% gain the month before.

Deutsche Bank analysts expect the year-on-year PCE to come

in at an over three-year low, which although is promising news

for the Fed, would not be enough to assure the central bank

after the unexpected inflation spike seen back in the first

quarter.

Even in the face of the Fed guiding for just one interest

rate cut this year in December, market participants still expect

two cuts starting September, hoping for a sustained downtrend in

price pressures and as the economy remains susceptible to

decades-high interest rate.

Chances of a rate cut in September stand at 64%, as per LSEG

FedWatch data.

Megacaps including Microsoft ( MSFT ), Nvidia ( NVDA ), and

Amazon.com ( AMZN ) rose between 0.3% and 0.8% in premarket

trading.

Richmond Federal Reserve Bank President

Thomas Barkin

said he still wanted to proceed "deliberately" on policy.

Comments from Fed officials Michelle Bowman and Mary Daly are

expected later in the day.

Investors also geared up for the final reconstitution of the

Russell benchmark indexes during the day, with the furious rally

in AI-related stocks expected to leave an outsized imprint on

their final shape.

Futures tracking the small-cap Russell 2000 rose

0.8% to a two week-high.

At 7:19 a.m. ET, Dow e-minis were up 32 points, or

0.08%, S&P 500 e-minis were up 19.75 points, or 0.36%,

and Nasdaq 100 e-minis were up 85.5 points, or 0.43%.

Both the S&P 500 and the Nasdaq indexes were set for gains

in a week marked by a short-lived rout in AI-related stocks,

Amazon.com ( AMZN ) hitting $2 trillion market value for the first time,

quarterly earnings from the likes of FedEx ( FDX ) and Micron

Technology ( MU ), and a mixed bag of economic data.

The S&P 500 and the Nasdaq were set for

quarterly gains. However the Dow was on pace to end the

quarter down 1%, highlighting the divergence between the more

tech-heavy indexes and the rest of the market.

Among top movers, Trump Media & Technology Group ( DJT ) and

other stocks linked to former President Donald Trump such as

Phunware ( PHUN ) and Rumble rose between 1% and 8%.

On Thursday, President Joe Biden delivered a shaky, halting

performance while rival Trump battered him with a series of

often false attacks at their debate. The U.S. dollar jumped

briefly during the debate, while benchmark Treasury yields

inched higher.

"Wall Street's perceiving that the policies likely to be

enacted under a Trump administration could be broadly more

beneficial," said Nigel Green, CEO of deVere Group.

Among others, Nike ( NKE ) slumped 14.3% after forecasting a

surprise drop in fiscal 2025 revenue.

Optical networking gear maker Infinera ( INFN ) jumped

20%

after Nokia's said it would

acquire

the company in a $2.3 billion deal.