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Futures off: Dow 0.33%, S&P 500 0.33%, Nasdaq 0.53%

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Court hearing of Fed's Cook scheduled for 10 a.m. ET

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US low-value package tariff exemption ends

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Dell, Marvell ( MRVL ) fall after dour quarterly forecasts

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Caterpillar ( CAT ) falls after forecasting bigger 2025 tariff hit

(Updates prices throughout, adds Celsius Holdings ( CELH ) report)

By Johann M Cherian and Sanchayaita Roy

Aug 29 (Reuters) - U.S. stock index futures fell on

Friday as caution dominated the mood ahead of a highly

anticipated inflation report that could influence the Federal

Reserve's September interest-rate decision.

Contracts tracking the tech-heavy Nasdaq fell the most, with

personal computer maker Dell and chipmaker Marvell ( MRVL )

down 6.4% and 14% after their quarterly forecasts

missed expectations.

Nvidia ( NVDA ) lost nearly 2% in premarket trading, a day

after the AI chip leader's dour China market expectations jolted

investors accustomed to blockbuster forecasts from the company.

Still, strength in its overall results and bullish

comments from CEO Jensen Huang calmed worries of an imminent

slowdown in demand for artificial intelligence infrastructure,

boosting other AI-related stocks, megacaps and chip companies.

That helped the S&P 500 and the blue-chip Dow

close at record highs on Thursday. The benchmark index

and the Nasdaq were on track for their fourth straight

month of gains.

The focus now shifts to a report on the Fed's preferred

inflation gauge - the Personal Consumption Expenditures index

(PCE) - expected at 8:30 a.m. ET.

Economists polled by Reuters expect the index to stay steady

at 2.6% in July from the month before. Excluding volatile items

like food and energy, however, it is expected to rise 2.9%, up

from 2.8% in June.

"Recent inflation developments offer little reassurance,"

said Seema Shah, chief global strategist for Principal Asset

Management.

"While July's inflation report wasn't alarmingly strong,

underlying signals point to building price pressures amid higher

trade tariffs."

At 07:04 a.m. ET, Dow E-minis were down 150 points,

or 0.33%, S&P 500 E-minis were down 21.5 points, or

0.33%, and Nasdaq 100 E-minis were down 125.75 points,

or 0.53%

Traders are pricing in an 84.2% chance that the Fed could

lower borrowing costs by 25 basis points in its September

meeting, according to data compiled by LSEG, further anchored by

Chair Jerome Powell's dovish comments at Jackson Hole where he

acknowledged labor market weakness.

Late on Thursday, Governor Christopher Waller, a candidate

for the central bank's top job, said he wants to start cutting

rates next month.

Still, some analysts have said overall data suggests a

resilient economy with little signs of U.S. tariffs fully

filtering through into prices yet.

On Friday, however, the U.S. tariff exemption for package

imports valued under $800 ended, raising costs for businesses

and, in turn, consumers.

Attention this week was also on U.S. President Donald

Trump's tussle with the central bank.

Governor Lisa Cook filed a motion that declared Trump's

effort to fire her was unlawful and seeks to bar the Fed from

taking steps to remove her pending further litigation. A hearing

on the motion is due at 10 a.m. ET.

Long-term Treasury bond yields rose

on worries that a politically influenced Fed could reduce the

credibility of U.S. debt. Bond yields move inversely to prices

and higher yields weigh on riskier stocks.

Among others, global economy bellwether Caterpillar ( CAT )

lost 2.6% after raising its annual estimate for tariff-related

costs.

Celsius Holdings ( CELH ) rose 6.6% after a report said

PepsiCo ( PEP ) was increasing its stake in the energy drink

maker through a $585 million deal.

(Reporting by Johann M Cherian and Sanchayaita Roy in

Bengaluru; Editing by Devika Syamnath)