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Futures: Dow down 0.23%, S&P 500 up 0.35%, Nasdaq up 0.66%

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Alphabet gains after court ruling on Chrome browser

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Macy's soars after annual forecast hike

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July JOLTS due in the day

(Updates before markets open)

By Purvi Agarwal and Ragini Mathur

Sept 3 (Reuters) - The S&P 500 and the Nasdaq were on

track for a higher open on Wednesday after Alphabet gained on a

favorable antitrust ruling and investors awaited labor market

data that could influence the central bank's upcoming

interest-rate decision.

Alphabet jumped 7% in premarket trading after a

Washington judge ruled late on Tuesday Google will not have to

sell its Chrome browser, but will have to share data with

rivals.

Apple ( AAPL ) also gained 3.4% as the ruling allowed Google

to keep making lucrative payments to the iPhone maker.

"It's helping tech stocks in general... we are not seeing

the injection of tremendous confusion if Alphabet were required

to sell off its browser or make some changes with its

arrangement with Apple ( AAPL )," said Sam Stovall, chief investment

officer at CFRA Research.

"That's allowing investors to breathe a sigh of relief."

The Job Openings and Labor Turnover Survey (JOLTS) report

for July, due at 10 a.m. ET, marks the first in a series of jobs

indicators expected this week that will culminate in Friday's

highly anticipated nonfarm payrolls data.

Federal Reserve Chair Jerome Powell's comments at Jackson

Hole last month kept the door open to a September cut and put

the focus squarely on labor market weakness ahead of the central

bank's rate decision on September 17.

Following July's weak payrolls data and massive

revisions to previous reports collectively suggesting a cooling

labor market, investors are now pricing in a 91.2% chance of a

September rate cut, according to data compiled by LSEG.

At 08:46 a.m. ET, Dow E-minis were down 103 points,

or 0.23%, S&P 500 E-minis were up 22.5 points, or 0.35%,

and Nasdaq 100 E-minis were up 154.75 points, or 0.66%.

Wall Street closed sharply lower in the first trading

session of September, as yields on longer-dated Treasury notes

had spiked, pressuring equities.

Yields on the 30-year note hit a more than

one-month high on Tuesday after a court ruling last week deemed

most of U.S. President Donald Trump's tariffs illegal, reviving

some fiscal concerns. It touched 5% earlier on Wednesday and was

last at 4.965%.

September has been historically dour for U.S. equities, with

the index losing 1.5% in the month on average since the turn of

the century, according to data compiled by LSEG.

HSBC raised its 2025 year-end target for the S&P 500 to

6,500 from 6,400.

Department store operator Macy's soared 12.5% after

raising its annual forecasts, but discount retailer Dollar Tree

dropped 6.8% despite a forecast hike.

As earnings season winds down, investors are watching for

commentary on the holiday season shopping outlook to gauge the

health of the U.S. consumer. A survey by PwC showed U.S. holiday

spending this year was set for its steepest drop since the

pandemic.

Fed policymaker Neel Kashkari is scheduled to deliver a

speech on the day, potentially offering more clues on monetary

policy direction.

In other moves, Zscaler ( ZS ) inched 1.1% higher after the

cloud security firm forecast annual revenue above estimates.

(Reporting by Purvi Agarwal and Ragini Mathur in Bengaluru;

Editing by Pooja Desai and Devika Syamnath)