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Tesla gains after Musk says will unveil Robotaxi in August

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Crypto stocks track bitcoin prices higher

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Futures up: Dow 0.10%, S&P 0.13%, Nasdaq 0.19%

(Updated at 8:42 a.m. ET/ 1242 GMT)

By Shashwat Chauhan and Shristi Achar A

April 8 (Reuters) -

Wall Street's main indexes were set for a slightly higher

open on Monday as some megacap stocks edged up, although gains

were kept in check after Treasury yields rose on rising bets

that the U.S. Federal Reserve could delay rate cuts this year.

Hawkish commentary from central bank officials last week and

stronger-than-expected manufacturing and jobs reports pointed to

a resilient U.S. economy, easing pressure on the Fed to cut

interest rates quickly.

U.S. stocks recorded weekly losses on Friday as traders

scaled back expectations of a June rate cut. They now see an

around 51% chance of the Fed announcing its first rate cut this

year in June, according to the CME FedWatch Tool, down from

about 58% at the beginning of last week.

The market has also pared back expectations for more than

three rate cuts this year, from three to four a few weeks ago,

according to LSEG data.

"A lot of people are trying to be overly optimistic with

a Fed rate cut. It kind of doesn't make sense," said Michael

Matousek, head trader at U.S. Global Investors Inc.

"We've seen economic numbers over the past few weeks.

It's not hot but it's still running strong. So why would you

really want to cut rates?"

The yield on 10-year Treasury notes rose

4.4561%, the highest level since last November, putting equities

under pressure.

Investors will await commentary from Chicago Fed President

Austan Goolsbee and his Minneapolis counterpart Neel Kashkari

later in the day for further policy cues.

The focus will also be on the March reading of the U.S.

Consumer Price Index (CPI), due later in the week, that is

expected to show a rise in headline inflation to 3.4%

year-on-year, from 3.2% in February.

Also on the radar is the release of minutes from the Fed's

latest meeting, in which it stuck to its guidance of three rate

cuts this year.

First-quarter earnings season picks up pace now, with

banking giants JPMorgan Chase ( JPM ), Citigroup ( C/PN ) and Wells

Fargo ( WFC ) scheduled to report towards the end of the week.

Meanwhile, Wells Fargo ( WFC ) raised its year-end target for the

benchmark S&P 500 index to 5,535 - the highest among Wall

Street brokerages - from its previous forecast of 4,625​.

At 8:42 a.m. ET, Dow e-minis were up 41 points,

or 0.10%, S&P 500 e-minis were up 7 points, or 0.13%,

and Nasdaq 100 e-minis were up 34.5 points, or 0.19%.

Some megacap growth stocks rose in premarket trading,

with Amazon.com ( AMZN ), Nvidia ( NVDA ) and Meta Platforms ( META )

up between 0.2% and 1.4%.

Tesla rose 2.5% in trading before the bell after

CEO Elon Musk said the company would unveil the Robotaxi on Aug.

8.

Cryptocurrency and blockchain-related stocks advanced,

tracking rising bitcoin prices. Exchange operator Coinbase

Global ( COIN ), crypto miner Marathon Digital ( MARA ) and

software firm MicroStrategy ( MSTR ) added between 5.4% and

6.6%.

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co ( TSM )

gained 2.3% after the U.S. Commerce Department

said it would award the company's U.S. unit a $6.6 billion

subsidy for advanced semiconductor production in Phoenix,

Arizona.

(Reporting by Shashwat Chauhan and Shristi Achar A in

Bengaluru; Editing by Anil D'Silva and Pooja Desai)