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Futures: Dow off 0.09%, S&P up 0.03%, Nasdaq up 0.19%

March 7 (Reuters) - S&P 500 and Nasdaq futures edged

higher on Thursday ahead of more economic data and commentary

from Jerome Powell after the Federal Reserve chair stuck to the

script overnight by saying the central bank still expects to cut

rates later this year.

Powell, in his prepared remarks to the House panel on

Wednesday, said rate reductions will "likely be appropriate"

later this year, "if the economy evolves broadly as expected"

and once officials gain more confidence in inflation's steady

decline.

Wall Street closed higher with rate-sensitive technology

stocks and chip stocks leading gains in the previous session.

All eyes will be back on Powell who is set to wrap up his

two-day testimony on Thursday.

Investors also awaited jobless claims data, which, along

with the crucial nonfarm payrolls report on Friday, could

provide further details on the strength of the U.S. labor

market.

Signs of persistent strength in the labor market could make

it difficult for the Fed to start cutting interest rates in June

as currently envisaged by financial markets.

At 05:02 a.m. ET, Dow e-minis were down 34 points,

or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.03%,

and Nasdaq 100 e-minis were up 34.75 points, or 0.19%.

Electric carmaker Tesla lagged megacap growth and

technology peers in premarket trading, down 0.6%.

Chip stocks such as Nvidia ( NVDA ) and Micron Technology ( MU )

gained 1.4% and 3.1%, respectively, and were set to

extend their rally from the previous session.

Lingerie maker Victoria's Secret & Co dropped 32%

on weak annual and first-quarter forecasts.

Eli Lilly ( LLY ) shed 1.7% after rival Novo Nordisk said

early trial data for its highly anticipated experimental drug,

amycretin, showed that participants had a weight loss of 13.1%

after 12 weeks.