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Apple ( AAPL ) slips as Berkshire Hathaway cuts stake

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Paramount Global ( PARAA ) up as bidders await word from special

committee

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Futures up: Dow 0.32%, S&P 0.33%, Nasdaq 0.23%

(Updated at 07:19 a.m. ET/ 1119 GMT)

By Sruthi Shankar and Shristi Achar A

May 6 (Reuters) - U.S. stock index futures edged higher

on Monday, pointing to more gains on Wall Street after a jobs

data-led rally in the previous session, as traders priced in a

higher chance of the Federal Reserve cutting interest rates this

year.

The benchmark S&P 500 and the blue-chip Dow

closed at three-week highs on Friday after data showed U.S. job

growth slowed more than expected in April, taking pressure off

the U.S. central bank to keep rates higher for longer.

Traders are currently pricing in rate cuts worth 48 basis

points from the Fed by the end of 2024, with the first cut

expected in September or November, according to LSEG's rate

probability app. In recent weeks, traders had priced in just one

cut due to signs of sticky inflation.

"In the near term, even as high for longer narrative

remains, the fear for higher for longer dissipates. This can be

seen as a relief for risk proxies," Christopher Wong, FX

strategist at OCBC Global Markets, said in a note.

U.S. stock indexes appear to have stabilized after a rocky

April following some hotter inflation data, as a much

better-than-expected first-quarter earnings season and hopes of

U.S. monetary policy easing draw buyers back into the market.

The Fed last week left interest rates unchanged and signaled

it was leaning toward eventual reductions in borrowing costs,

but repeated that it wants to gain "greater confidence" that

inflation will continue to fall before cutting rates.

Richmond Fed President Thomas Barkin and his New York

counterpart John Williams are scheduled to speak later in the

day, kicking off speeches from a host of U.S. central bank

officials this week.

Key data releases this week will include weekly jobless

claims and U.S. consumer sentiment data for May.

With the earnings season in full swing, markets will watch

out for quarterly numbers from major firms including Walt Disney ( DIS )

, Uber ( UBER ) and Arm Holdings later this week.

Of the 397 firms in the S&P 500 that have reported earnings

as of Friday, 76.8% have reported earnings above analyst

estimates, compared with the long-term average of 66.7%, as per

LSEG data.

At 07:19 a.m. ET, Dow E-minis were up 123 points,

or 0.32%, S&P 500 E-minis were up 17.25 points, or 0.33%

and Nasdaq 100 E-minis were up 41.25 points, or 0.23%.

Apple ( AAPL ) dipped 0.5% after the value of Berkshire's

stake in the iPhone maker fell 22% to $135.4 billion as of March

31, from $174.3 billion at the end of 2023.

Paramount Global ( PARAA ) added 3% after the media company

ended its exclusive negotiations with Skydance Media without a

deal, allowing the special committee to entertain other offers

from rival bidders.

Perficient jumped 52.3% after Swedish private

equity firm EQT AB said it would take the U.S.-based

digital consultancy firm private in an all-cash deal valued at

about $3 billion.

(Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru;

Editing by Shounak Dasgupta and Shinjini Ganguli)