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Futures up: Dow 0.01%, S&P 500 0.07%, Nasdaq 0.13%

Aug 20 (Reuters) - U.S. stock index futures inched

higher in range-bound trading on Tuesday as bets of a September

interest rate cut solidified ahead of Federal Reserve Chair

Jerome Powell's speech at Jackson Hole later this week.

The S&P 500 and the Nasdaq extended gains to

an eighth straight session on Monday, their longest winning

streak so far this year.

Recent data has shown a still-healthy consumer despite

softening of economic conditions, boosting expectations that the

Fed will start easing its monetary policy when it meets in

September.

Traders currently see a 75.5% chance of the Fed cutting

interest rates by 25 basis points (bps) in September, compared

to a near even split between a 50 and 25 bps cut seen a week

ago, according to the CME FedWatch Tool.

As per a slim majority of economists polled by Reuters, the

U.S. central bank will cut interest rates by 25 bps at each of

the remaining three meetings of 2024, one more reduction than

predicted last month.

Achilleas Georgolopoulos, an investment analyst at forex

broker XM, however, sounded a note of caution.

"(The) forecasts are relatively aggressive considering the

state of the U.S. economy and potentially reveal analysts'

expectations that Chairman Powell will be relatively dovish at

the Jackson Hole Symposium," Georgolopoulos said.

"This is probably the main market scenario currently priced

in, which increases the possibility of an acute market reaction

if Powell repeats his balanced view and fails to appear dovish."

Chair Powell will deliver a speech at the economic symposium

in Jackson Hole on Friday, which will be parsed for any signs of

acknowledgement of a rate cut in September.

Atlanta Fed chief Raphael Bostic and Fed Vice Chair for

Supervision Michael Barr will speak later on Tuesday. Minutes

from the Fed's last policy meeting are due on Wednesday.

At 05:15 a.m. ET, Dow E-minis were up 3 points, or

0.01%, S&P 500 E-minis were up 3.75 points, or 0.07% and

Nasdaq 100 E-minis were up 25.75 points, or 0.13%.

Among individual stocks, Palo Alto Networks ( PANW ) gained

2.1% in premarket trading after the company forecast fiscal 2025

revenue and profit above estimates, a sign of growing demand for

its cybersecurity products as the digital threat landscape

evolves.

Cryptocurrency and blockchain-related stocks firmed as

bitcoin rose 3.1%. Exchange operator Coinbase Global ( COIN )

gained 2.1% and miner Riot Platforms ( RIOT ) was up

2.7%.

Bitcoin buyer MicroStrategy ( MSTR ) added 3% and ProShares

Bitcoin Strategy ETF advanced 3.4%.