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Crypto- and blockchain-related stocks gain as bitcoin

rises

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S&P 500, Nasdaq set for best week since October

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Futures down: Dow 0.07%, S&P 500 0.23%, Nasdaq 0.26%

(Updated at 8:15 a.m. ET/ 1215 GMT)

By Medha Singh and Shashwat Chauhan

Aug 16 (Reuters) -

Wall Street's main indexes were set for a lower open on

Friday following the S&P 500 and the Nasdaq logging six-session

winning streaks after a spate of encouraging economic data

fueled a broad rebound led by heavyweight tech and growth

stocks.

The benchmark index has recovered from a pullback

earlier this month caused by a dour U.S. jobs report and the yen

carry trade as better-than-expected data calmed nerves over a

sharp slowdown in the world's largest economy.

U.S. consumer and producer prices data this week indicated

inflation was moderating at a pace that would keep the U.S.

Federal Reserve on track to start its monetary easing cycle with

a 25-basis point rate cut next month as opposed to a more

aggressive move.

"The signal from this week's batch of data is that the sky

is not falling out as some investors had started to fear," said

Mike Reynolds, vice president of investment strategy at

Glenmede.

"The totality of the data we've gotten so far leading

into (the next Fed meeting) makes a really strong case for rate

cuts."

The U.S. central bank is now expected to track labor market

trends more closely.

Market participants will look to minutes from the Fed's last

policy meeting and Fed Chair Jerome Powell's outlook of the U.S.

economy at the Jackson Hole symposium, an annual gathering of

global central bankers, next week for more clues on the rate cut

trajectory.

The S&P 500 and the Nasdaq were headed for their best weeks

since October, while the Dow was on pace for its best weekly

showing since December.

Later in the day, University of Michigan will issue its

consumer sentiment survey for August around 10 a.m. ET (1400

GMT).

In an interview with National Public Radio, Chicago Fed

chief Autan Goolsbee said the U.S. economy is not showing signs

of overheating, so central bank officials should be wary of

keeping restrictive policy in place longer than necessary.

St. Louis Fed chief Alberto Musalem and Atlanta Fed boss

Raphael Bostic on Thursday had gravitated toward an interest

rate cut in September.

At 8:15 a.m. ET, Dow E-minis were down 28

points, or 0.07%, S&P 500 E-minis were down 13 points,

or 0.23% and Nasdaq 100 E-minis were down 50.25 points,

or 0.26%.

Applied Materials ( AMAT ) dropped almost 3% in premarket

trading following a strong jump ahead of its results. The

chip-making equipment firm forecast fourth-quarter revenue

slightly above Wall Street estimates.

U.S.-listed shares of Amcor slipped 6.1% after the

packaging company reported a more-than-expected decline in

fourth-quarter sales, hurt by weaker demand for its containers

and cartons.

Crypto- and blockchain-related firms gained as bitcoin

rose 2.8%. Miners Riot Platforms ( RIOT ) and Marathon

Digital ( MARA ) gained almost 1% each, while iShares Bitcoin

Trust ETF added 2.2%.

U.S. equities saw inflows for the seventh straight week last

week, with large caps seeing the bulk of inflows while growth

stocks saw slight outflows, according to BofA data.

Overall, U.S. stock trading volume has been below its 20-day

moving average in the past six sessions as many investors are

away for summer break.