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Indexes up: Dow 0.63%, S&P 500 0.34%, Nasdaq 0.09%

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S&P 500 set to snap five-day losing streak if gains hold

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Alphabet strikes $10 bln cloud deal with Meta, shares up

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Intuit falls after forecasting Q1 revenue growth below

estimates

(Updates after markets open)

By Shashwat Chauhan and Sanchayaita Roy

Aug 22 (Reuters) -

Wall Street's main indexes climbed on Friday following a

recent string of losses as investors awaited U.S. Federal

Reserve Chair Jerome Powell's address at the Jackson Hole

Symposium for insights into the interest-rate path.

Powell's speech, which is expected at 10 a.m. ET, could

prove pivotal in shaping rate-cut expectations for September.

Michael Matousek, head trader at U.S. Global Investors, said

Powell was going to "take the cautious approach".

"The tariffs are really starting to kick in, so he's still

going to put some caution out there and state that he wants to

look at data, see how things happen, because you didn't have the

tariff effect kick in until early in the summer," Matousek said.

Markets had initially ramped up the bets following a weak

payrolls report at the start of August and after consumer price

data showed limited upward pressure from tariffs.

Traders now see a 69.5% chance of a 25-basis-point rate cut

next month, down from an 85.4% chance a week ago, according to

the CME FedWatch Tool.

Ten of the 11 S&P 500 sub-sectors traded higher, with

health care and real estate leading gains.

At 09:32 a.m. ET, the Dow Jones Industrial Average

rose 283.69 points, or 0.63%, to 45,069.19, the S&P 500

gained 21.68 points, or 0.34%, to 6,391.85, and the Nasdaq

Composite added 18.77 points, or 0.09%, to 21,119.08.

The S&P 500 is set to snap a five-day losing streak as a

broad selloff in heavyweight technology stocks kept U.S.

equities pressured this week.

Losses in big technology stocks earlier in the week have put

the S&P 500 and the Nasdaq on pace for firm weekly losses.

Information technology is set to be this

week's worst-hit sub-sector, while energy and real

estate were on track for mild weekly gains.

Meanwhile, UBS Global Wealth Management lifted its year-end

target for the S&P 500 for the second time in two months,

betting on corporate earnings strength, easing trade tensions

and expectations of interest-rate cuts.

Among top movers, Nvidia ( NVDA ) slipped 2% after reports

the chipmaker had asked Foxconn to suspend work on the

H20 AI chip, the most advanced product the company is permitted

to sell to China.

Google-parent Alphabet gained 1.8% after reports

the company has struck a six-year cloud computing deal with Meta

Platforms ( META ) worth more than $10 billion. Meta shares were

flat.

Intuit dropped 6.9% after the TurboTax-maker

forecast first-quarter revenue growth below analysts' estimates

due to sluggish performance at its Mailchimp marketing platform.

Workday shed 4.5% after the human resources

software provider provided an in-line outlook for the current

quarter.

Advancing issues outnumbered decliners by a 4.86-to-1 ratio

on the NYSE and by a 2.35-to-1 ratio on the Nasdaq.

The S&P 500 posted seven new 52-week highs and no new

lows, while the Nasdaq Composite recorded 35 new highs and 18

new lows.