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Jobless claims, PPI data due at 8:30 a.m. ET

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Moderna ( MRNA ) slumps after FY25 revenue forecast

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Futures up: Dow 0.19%, S&P 500 0.17%, Nasdaq 0.11%

(Updated at 6:59 a.m. ET)

By Shashwat Chauhan and Lisa Pauline Mattackal

Sept 12 (Reuters) - Wall Street futures edged higher on

Thursday ahead of upcoming economic data in the lead up to the

Federal Reserve's likely interest rate cut next week.

Most megacap and growth stocks rose slightly in

premarket trading, with Google-parent Alphabet up more

than 1%.

A reading of producer prices and the weekly jobless claims

report are both expected at 8:30 a.m. ET.

Jobless claims will be in focus given the Fed's scrutiny of

the labor market's health. Economists polled by Reuters have

forecast a reading of 230,000.

A string of weakening employment and economic growth data

over the past few weeks had led to rising bets on a

larger-than-usual 50-basis point interest rate reduction from

the U.S. central bank, but those expectations have largely

faded.

After Wednesday's inflation report, traders now see an 87%

chance of the Fed cutting interest rates by 25 bps when it meets

on Sept. 17-18, according to CME's FedWatch Tool. It would be

the first rate cut since March 2020.

"Our base case forecast looks for a 25 bps reduction in the

federal funds rate at the September FOMC meeting followed by two

50 bps rate cuts at the November and December FOMC meetings,"

analysts at Wells Fargo said.

"We believe the 225 bps of cumulative monetary policy easing

that we project over the next nine months or so will be enough

to keep this economic expansion intact."

Nvidia ( NVDA ), which rallied 8.2% on Wednesday following a

report the U.S. government is considering allowing the firm to

export advanced chips to Saudi Arabia, looked set to extend its

winning run and was up 0.7% before the bell.

S&P 500 E-minis were up 9.25 points, or 0.17%,

Nasdaq 100 E-minis were up 21.75 points, or 0.11%, Dow

E-minis were up 77 points, or 0.19%.

Futures tracking the economically sensitive small-cap

Russell 2000 rose 0.5%.

On Wednesday, a boost from the tech sector offset investor

disappointment following the inflation data.

The tech-heavy Nasdaq closed more than 2% higher,

while the S&P 500 closed up 1% in volatile trading which

saw the benchmark index fall as much 1.5% intraday.

U.S. consumer prices rose slightly in August, but underlying

inflation showed some stickiness. The core reading, which

excludes volatile food and energy components, climbed 0.3%

compared to an estimated 0.2% increase.

Vaccine maker Moderna ( MRNA ) slumped 9% in premarket

trading on Thursday after forecasting sales between $2.5 billion

and $3.5 billion next year, below analysts' estimates.