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

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

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Futures up: Dow 0.47%, S&P 500 0.4%, Nasdaq 0.32%

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Gap rises as quarterly comp sales, profit beat estimates

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Intuit gains after Q2 revenue growth tops estimates

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S&P flash manufacturing and services PMI due at 0945 ET

(Updates before markets open)

By Shashwat Chauhan and Pranav Kashyap

Nov 21 (Reuters) - Wall Street's main indexes were set

for a higher open on Friday as traders ramped up bets on a

December interest rate cut by the Federal Reserve following

commentary from policymakers, with tech stocks stabilizing after

last session's rout.

New York Fed President

John Williams

- a voting member of the Federal Open Market Committee -

said the central bank can still cut interest rates "in the near

term" without putting its inflation goal at risk.

Traders now see a more than 70% chance that the Fed will

cut its main lending rate by 25-basis-points in December, up

from a near 37% chance seen earlier in the day, according to the

CME FedWatch Tool.

"There's still expectations for the rate cutting cycle

to continue, whether it's in December or it's early next year,"

said John Campbell, head of systematic core equity team at

Allspring Global Investments.

"There could be some volatility around December's cut,

but the rate cutting cycle will probably still continue into

next year."

At-least four more Fed officials are slated to speak

throughout the day.

Most megacap and growth stocks were higher in premarket

trading, with Alphabet leading gains with a 2% rise.

Nvidia ( NVDA ) shares were last up 0.6% after a volatile

session on Thursday when they swung as much as 5% higher before

closing 3.2% down.

The world's most valuable company surpassed third-quarter

revenue expectations and forecast fourth-quarter sales above

analysts' estimate late on Wednesday, while its CEO dismissed

concerns about an AI bubble.

"Valuations have gotten stretched and some investors have

been keeping their eye on the exit. Expectations have gotten

very high for the AI theme," Campbell added.

As of last close, all three main indexes were on track for

their worst weekly drop since March. Consumer discretionary

and information technology sectors are set

for a more than 4% drop this week.

The Nasdaq has retreated sharply from its October

peak and is poised for a steep decline in November amid

skepticism over tech monetization prospects, circular spending

within the sector and rising debt issuance.

At 8:33 a.m. ET, Dow E-minis were up 216 points, or

0.47%, S&P 500 E-minis were up 26.5 points, or 0.4% and

Nasdaq 100 E-minis were up 76.25 points, or 0.32%.

Meanwhile, global brokerages were divided over the

likelihood of a December rate cut after Thursday's release of

the long-delayed September jobs report, which marks the last

employment reading before the Fed's verdict next month.

The Bureau of Labor Statistics plans to skip its October

update and instead combine October and November nonfarm payroll

data in a single report due mid-December.

Meanwhile, attention would be on November business activity

and consumer sentiment data, due shortly after the markets open

on Friday.

Gap gained 7.1% after the apparel maker beat

third-quarter comparable sales and profit estimates.

Intuit gained 4% after the financial management

tools company forecast second-quarter revenue growth above

market expectations.