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Crypto stocks fall, mirroring bitcoin prices

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Alphabet gains on unveiling new AI chip, data center

processor

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Futures up: Dow 0.08%, S&P 0.22%, Nasdaq 0.32%

(Updated at 8:32 a.m. ET/ 1232 GMT)

By Shashwat Chauhan and Shristi Achar A

April 9 (Reuters) - U.S. stocks were poised for a higher

open on Tuesday supported by retreating Treasury yields, while

investors awaited a key inflation print later in the week that

could help shape the Federal Reserve's stance on rate cuts this

year.

All three major indexes had a flat finish on Monday, as a

rise in Treasury yields after a blowout jobs report last week

kept gains in check.

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

Price Index (CPI), due on Wednesday, that is expected to show a

rise in headline inflation to 3.4% year-on-year, from 3.2% in

February.

The core figure, which excludes volatile components such as

food and energy, is expected to ease to 3.7% year-on-year,

versus 3.8% in February.

"I would not be surprised, given the underlying strength in

the economy, that it (CPI) comes in a little warmer than

expected, but that doesn't seem to be particularly worrisome for

investors," said Mark Luschini, chief investment strategist at

Janney Montgomery Scott.

"The overarching theme is that it will cool and that the

Federal Reserve will eventually be able to cut interest rates."

Amid signs of a robust U.S. economy, investors have been

scaling back expectations for how much the Fed will cut interest

rates this year. Current bets of around a 60-basis-point easing

are the lowest since October, according to LSEG data, compared

to about 150 bps priced in at the start of 2024.

Traders see a nearly 50% chance of an at-least 25 bps cut in

June, according to the CME's FedWatch Tool, down from 64% last

week.

Cushioning equities, the yield on the benchmark 10-year

Treasury note fell, easing from the November highs

it scaled in the previous session. It was last standing at

4.3857%.

Adding to gains,

Alphabet

rose 1.1% in premarket trading after Google

revealed the details of a new version of its data center

artificial intelligence chips.

Minutes from the Fed's March meeting - where it stuck to its

guidance of three rate cuts this year - are due later in the

week and could be key to gauging where the central bank stands

on policy easing.

Among other market drivers is the first-quarter earnings

season, with the spotlight on banking giants JPMorgan Chase ( JPM )

, Citigroup ( C/PN ) and Wells Fargo ( WFC ), which are

scheduled to report towards the end of the week.

At 8:32 a.m. ET, Dow e-minis were up 30 points, or

0.08%, S&P 500 e-minis were up 11.5 points, or 0.22%,

and Nasdaq 100 e-minis were up 58.75 points, or 0.32%.

Cryptocurrency and blockchain-related stocks declined in

premarket trading, tracking falling bitcoin prices. Exchange

operator Coinbase Global ( COIN ), crypto miner Marathon Digital ( MARA )

and software company MicroStrategy ( MSTR ) dipped

between 0.9% and 1.1%.

U.S.-listed shares of

Tilray Brands ( TLRY )

slumped 16.6% after the cannabis firm said it no

longer expects to generate adjusted positive free cash flow for

2024 due to delayed cash collections on various asset sales.