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Adobe drops after dour Q2 revenue forecast

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Micron Technology ( MU ) gains after Citi lifts PT

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All three major indexes set for weekly gains

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Futures: Dow up 0.15%, S&P up 0.08%, Nasdaq down 0.07%

(Updated at 08:30 a.m. ET/ 1230 GMT)

By Bansari Mayur Kamdar and Shashwat Chauhan

March 15 (Reuters) -

U.S. stock index futures struggled for direction on Friday

after hotter-than-expected inflation data roiled rate-sensitive

stocks in the previous session, leaving investors on edge ahead

of the Federal Reserve's meeting next week.

Indexes closed lower on Thursday after

producer prices data was stronger than expected, adding to

concerns around inflation and sending the yield on the 10-year

note to a two-week high.

Traders reined in bets of a June rate cut by the Fed to 60%

from 73% last week, according to the CME FedWatch Tool, on

worries that higher inflation would put the central bank under

increased pressure to keep interest rates elevated.

All eyes are now on next week's Federal Reserve meeting for

possible hints on the timing of the central bank's rate-easing

cycle.

"(People are looking for) more of the conversation that

comes out of the Fed meeting indicating the probability of rate

cuts this year, and then the subsequent release of the dot plots

around where the Fed is expecting the future path of interest

rates to go," said Russell Hackmann, president at Hackmann

Wealth Partners.

Friday also marked the simultaneous expiry of quarterly

derivatives contracts tied to stocks, index options and futures,

also known as "triple witching".

At 8:30 a.m. ET, Dow e-minis were up 60 points,

or 0.15%, S&P 500 e-minis were up 4 points, or 0.08%,

and Nasdaq 100 e-minis were down 12.75 points, or 0.07%.

Semiconductor stocks fell in the previous session and

were on track to snap their three-week winning streak as

investors took profits. The global GTC developer conference from

March 18 to 21 will be watched closely for AI-related

announcements.

Micron Technology ( MU ) rose 2.6% in premarket trading

after brokerage Citi raised its price target on the company to

$150, the highest on Wall Street for the chipmaker, according to

LSEG data.

Most other chipmakers edged lower in trading before the

bell.

Madrigal Pharmaceuticals ( MDGL ) jumped 24.4% after the

U.S. Food and Drug Administration approved its drug for a fatty

liver disease known as non-alcoholic steatohepatitis.

Adobe shed 11.4% after it forecast second-quarter

revenue below analysts' estimates, following stiff competition

and weak demand for its AI-integrated photography, illustration

and video.

Ulta Beauty ( ULTA ) slid 7.5% after forecasting full-year

profit below Wall Street estimates, as elevated supply-chain

costs and increased promotions hurt its margins.

Crypto stocks such as MicroStrategy ( MSTR ), Marathon

Digital ( MARA ) and Coinbase Global ( COIN ) eased between 2.8%

and 4.5%, as bitcoin fell.