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Levi Strauss slumps after revenue misses estimates

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Walgreens down on 2024 profit forecast cut, store closures

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International Paper ( IP ) slumps after Suzano ends buyout talk

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Futures down: Dow 0.21%, S&P 500 0.05%, Nasdaq 0.06%

(Updated at 8:51 a.m. ET/1251 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

June 27 (Reuters) -

U.S. main stock indexes were set to open muted on Thursday

as a slump in Micron after a lackluster forecast weighed on some

semiconductor stocks, while investors parsed a string of

economic data ahead of this week's crucial inflation report.

Data showed orders for durable goods rose 0.1% in May,

where economists had expected them to fall 0.1%. Excluding

transportation, orders fell 0.1%, versus forecasts for a 0.2%

rise.

Weekly jobless claims

fell to 233,000, missing expectations of 236,000. Further,

a final print showed the U.S. economic growth increased more

than estimated in the first quarter.

The data comes ahead of Friday's release of the monthly

personal consumption expenditures (PCE) price index - the

Federal Reserve's preferred inflation gauge.

However, some megacap stocks firmed as Treasury yields

turned lower after the data, with Amazon.com ( AMZN ) rising

0.6% after hitting

$2 trillion in market value for the first time on Wednesday.

Micron lost 4.2% premarket after an in-line

fourth-quarter revenue forecast disappointed investors hoping

for more upside from the memory chipmaker's performance in the

artificial intelligence boom. Optimism around AI-driven demand

had lifted the stock 14% this month ahead of earnings.

Other semiconductor stocks including AI-trade favorite

Nvidia ( NVDA ) fell 1.2%, while Arm Holdings, Qualcomm ( QCOM )

and Advanced Micro Devices ( AMD ) also edged lower.

With a handful of expensive heavily weighted stocks

supporting Wall Street's ascent since the last leg of 2023,

market participants have highlighted concerns over the rally's

sustainability and have called out for the need to diversify

portfolios to hedge against possible sharp losses.

"It's really a question of whether corporate earnings in the

tech sector can remain resilient. If they can't, then we will

see probably intermittent profit taking and small corrections,"

said Mike Gallagher, director of research at Continuum

Economics.

"It's going to be a bit difficult for the tech sector to

drive on the market the way that it's done as we're entering a

more consolidative, choppy phase."

Meanwhile, investors have largely stuck to their view of

around two interest rate cuts this year, as per LSEG's FedWatch

data, even though the U.S. central bank has projected only one.

Chances of an at least 25-basis-point rate cut in

September, however, have slipped slightly to 58% from over 60%

earlier in the week.

Further, President Joe Biden and former President Donald

Trump are set to face each other in the first debate during the

day, ahead of their rematch this November.

At 8:51 a.m. ET, Dow e-minis were down 83 points,

or 0.21%, S&P 500 e-minis were down 2.5 points, or

0.05%, and Nasdaq 100 e-minis were down 11.25 points, or

0.06%.

Walgreens Boots Alliance ( WBA ) slid 19.4% after cutting

its 2024 profit forecast and planning to close more

underperforming U.S. stores.

Nike ( NKE ) is due to report results after the closing

bell.

Denim maker Levi Strauss slumped 16.7% after

falling short of expectations for second-quarter revenue, while

U.S.-listed shares of Canada's BlackBerry rose 7.7% after

beating first-quarter revenue estimates.

International Paper ( IP ) dropped 10.4% after the world's

largest pulp manufacturer, Brazil's Suzano,

terminated talks to buy the U.S.-based firm.