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Dell, HP fall after downbeat quarterly forecasts

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Workday down after Q4 subscription revenue forecast misses

estimates

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Q3 GDP unrevised at 2.8%; weekly jobless claims at 213,000

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Futures: Dow up 0.14%, S&P 500 down 0.01%, Nasdaq off

0.16%

(Updates before market open)

By Johann M Cherian and Purvi Agarwal

Nov 27 (Reuters) -

Wall Street's main indexes were on track for a subdued

opening on Wednesday as investors evaluated strong economic data

and awaited a key inflation report that is expected to influence

the U.S. Federal Reserve's policy stance.

Futures made up for lost ground after the Commerce

Department's second estimate confirmed the economy grew at 2.8%

in the third quarter, in line with economists' forecasts.

A separate report showed 213,000 jobless claims the

previous week, marginally lower than the estimate of 216,000.

Traders are now betting on a 68% probability the central

bank will lower borrowing costs by 25 basis points in December,

up from expectations of about 63% before the data, according to

CME's FedWatch.

Yields on shorter-dated Treasury bonds extended

declines, relieving pressure on riskier equities.

"The data was not necessarily anything that was far from

expectations. I wouldn't look at that as really pushing the

needle one way or the other (on the Fed's rate-cut path)," said

Keith Buchanan, senior portfolio manager at Globalt Investments.

Attention now turns to the Personal Consumption Expenditure

report, the central bank's preferred inflation gauge, due at 10

a.m. ET. Economists polled by Reuters expect prices to increase

by 2.3% on an annual basis in October, higher than a 2.1% rise

the previous month and above the Fed's 2% target.

Minutes from the Fed's November meeting, released on

Tuesday, showed policymakers were uncertain about the outlook

for interest-rate cuts and how much the current rates were

restricting the economy.

Concerns include U.S. President-elect Donald Trump's

proposed tax cuts and tariff policies, including his latest

stance on imports from Mexico, Canada and China, which could

push up prices, spark a trade war and weigh on growth globally.

At 08:44 a.m. ET, Dow E-minis were up 65 points, or

0.14%, S&P 500 E-minis were down 0.75 points, or 0.01%,

and Nasdaq 100 E-minis were down 33 points, or 0.16%.

Futures tracking small caps rose nearly 1%.

Equities have rallied this year, with Wall Street's main indexes

and the small-cap Russell index trading near record

highs.

The benchmark S&P 500 is on track for its biggest one-month

rise in a year and its sixth month of gains out of seven, as

markets price in the probability of Trump's policies benefiting

local businesses and the overall economy.

Among top movers, Dell slid 11.5% after issuing a

weak quarterly revenue forecast and HP dropped 7.4%

following a downbeat forecast for first-quarter profit,

signaling lackluster demand in the personal computer market.

The sentiment spread to other tech names such as Nvidia ( NVDA )

, which fell 1.2%, Microsoft ( MSFT ), off 0.4%, and

Apple ( AAPL ), which dropped 0.6%.

Workday lost 11.8% after forecasting fourth-quarter

subscription revenue below expectations, hit by weaker client

spending on its human capital management software.