(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

* Futures up: Dow 0.73%, S&P 500 0.74%, Nasdaq 1.19%

June 11 (Reuters) - U.S. stock index futures rose on

Thursday, as investors sought bargains in beaten-down technology

stocks and took heart from signs of progress in peace talks

between the U.S. and Iran.

Chipmakers bounced back after Wednesday's selloff sent major

Wall Street indexes down more than 1% and technology stocks into

correction territory, or a 10% drop from their record close.

Nvidia ( NVDA ), Intel ( INTC ) and Micron Technology ( MU )

were up between 1.2% and 4.7% in premarket trading.

The United States and Iran traded air attacks on Thursday,

but three Iranian sources and a European official said the two

countries were exchanging messages on details of a memorandum

after reaching a political understanding, even as some issues

still had to be discussed in detail.

Expectations that talks to reopen the Strait of Hormuz were

on track helped push oil prices lower.

At 06:22 a.m. ET, Dow E-minis were up 367 points, or

0.73%, and S&P 500 E-minis were up 53.75 points, or

0.74%. Nasdaq 100 E-minis were up 338.75 points, or

1.19%.

The S&P 500 has dropped about 4% since hitting a record

closing high in early June as investors grapple with stretched

valuations in the technology sector and concerns about tighter

monetary policy, as the Middle East conflict sends energy prices

soaring and stokes inflation.

The highly anticipated Friday market debut of Elon Musk's

SpaceX, set to be valued at $1.75 trillion, could also test the

rally this year that has repeatedly lifted stocks to record

levels.

Investors will also be watching the monthly U.S. producer

prices report and weekly jobless claims, due at 8:30 a.m. ET,

for more clues on the Federal Reserve's policy path ahead of

next week's meeting.

U.S. consumer inflation increased at its fastest pace in

three years in May, data showed on Wednesday, boosted by surging

prices for energy products amid the Middle East conflict.

Among movers, Oracle shares plunged 7% after it

projected capital spending plans for fiscal 2027 above Wall

Street estimates, underscoring the heavy cash outlays required

to expand its AI infrastructure.

Shares of Navan jumped 17.6% after the corporate

travel booking agency raised its full-year forecasts for revenue

and operating income on Wednesday, citing strong business travel

demand and growth in its enterprise customer base.

(Reporting by Joel Jose in Bengaluru; Editing by Devika

Syamnath)