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* Futures: Dow down 0.15%, S&P 500 up 0.1%, Nasdaq up 0.48%

June 24 (Reuters) - S&P 500 and Nasdaq futures inched higher

on Wednesday after two straight sessions of declines, as

investors returned to technology shares following a sharp

selloff that saw the Nasdaq 100 lose over $1 trillion in market

value.

Concerns over lofty hyperscaler spending through

debt-funding and expectations of a more hawkish Federal Reserve

drove the fall after a huge run-up in AI names that aided all

three major indexes to record highs.

Memory chips moved higher in premarket trading, following a

sharp plunge in the previous session, with Micron Technology ( MU )

and Sandisk ( SNDK ) adding 3.8% and 3.5%, respectively.

Micron's results after the bell could offer clues on the

outlook for the memory and AI sector after a blazing rally, with

the memory chipmaker up 268% for the year.

"We will all be looking at Micron since that is a

representation of what we've seen in this rally. I think people

are going to get the blowout quarter that they expect, but I

don't expect the stock to continue to rise," said Jay Woods,

chief market strategist at Freedom Capital Markets.

"It's fallen (after) six of its last eight earnings reports,

even though Micron has reported blowout earnings."

At 04:53 a.m. ET, Dow E-minis were down 76 points,

or 0.15%, S&P 500 E-minis were up 7.5 points, or 0.1%,

and Nasdaq 100 E-minis were up 141.25 points, or 0.48%.

Investors continued to monitor Middle East developments

after the U.S. and Iran offered conflicting accounts on a range

of key issues including financial incentives for Iran, control

over the Strait of Hormuz and Israel's war in Lebanon.

Optimism surrounding an end to the war and strong earnings

growth expectations has put the S&P 500 on track for its

strongest quarterly gain in six years, despite expectations of

higher interest rates.

Traders are adding to bets of a second rate hike from the

Fed by December end, according to CME Group's FedWatch tool,

from a prior expectation of a single 25-basis-point rise, after

new chair Kevin Warsh emphasised the need to curb inflation.

The closely watched Personal Consumption Expenditures Price

Index, the Fed's preferred inflation gauge, could offer fresh

insight on the monetary policy path on Thursday. Economists

expect a rise to 4.1%, more than twice the central bank's

target.

Among early movers, Cerebras Systems ( CBRS ) tumbled 14%

after the chip designer forecast full-year profit margins would

drop below first-quarter figures in its debut report after going

public.

FedEx ( FDX ) slid 7.8% after reporting that margins in its

core delivery segment shrank in the latest quarter from a year

earlier.

(Reporting by Twesha Dikshit; Editing by Mrigank Dhaniwala)