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Futures up: Dow 0.10%, S&P 500 0.34%, Nasdaq 0.38%

June 28 (Reuters) - Nasdaq and S&P 500 futures rose on

Friday on hopes of inflation moderating in a report closely

monitored by the Federal Reserve, while Trump Media & Technology

Group's ( DJT ) shares jumped after a weak showing from Joe Biden in a

presidential debate.

The Commerce Department's data is expected to show personal

consumption expenditures (PCE) price index 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 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 25-basis-point cut in September stand at 60%,

as per LSEG FedWatch data.

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

Alphabet and Amazon.com ( AMZN ) edged higher in

premarket trading.

At 5:33 a.m. ET, Dow e-minis were up 38 points, or

0.1%, S&P 500 e-minis were up 18.75 points, or 0.34%,

and Nasdaq 100 e-minis were up 76 points, or 0.38%.

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.

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, ahead of the November

election.

"As the presidential debate clearly illustrated, the

prospect of a Trump presidency is generating significant

enthusiasm in the financial markets," said Nigel Green, CEO of

deVere Group.

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

enacted under a Trump administration could be broadly more

beneficial."

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.

Among others, Nike ( NKE ) slumped 14.2% after forecasting a

surprise drop in fiscal 2025 revenue. Rivals Roger

Federer-backed On and Under Armour ( UAA ) were also

down over 2% each.