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Uber ( UBER ) falls on weak Q2 gross bookings forecast

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Reddit ( RDDT ) climbs after strong Q2 revenue forecast

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Futures down: Dow 0.06%, S&P 0.16%, Nasdaq 0.2%

(Updated at 07:24 a.m. ET/ 1124 GMT)

By Sruthi Shankar and Shristi Achar A

May 8 (Reuters) - U.S. stock index futures were set for

a lower open on Wednesday following a weak forecast from Uber ( UBER )

and a rebound in bond yields as investors sought more clarity on

the Federal Reserve's plans for interest rate cuts.

Uber ( UBER ) lost 7% premarket after the ride-hailing

platform forecast second-quarter gross bookings below

expectations.

Megacap stocks also fell, with Tesla, Amazon.com ( AMZN )

and Alphabet down between 0.6% and 1.7%,

following a rise in the 10-year Treasury yield after

five days of declines.

This comes after the S&P 500 closed higher for a

fourth straight session on Tuesday, its best winning run since

March, while the blue-chip Dow scored a fifth session of

gain in its longest positive run since December 2023.

Markets have mostly traded higher so far in May, as

investors took comfort from an upbeat earnings season as well as

a recent softer-than-expected labor market report, which

tempered concerns about the Fed keeping interest rates higher

for longer.

Traders are pricing in a 65% chance of the U.S. central bank

cutting interest rates by at least 25 basis points in September,

according to the CME Group's Fedwatch tool, up from about 54% a

week ago.

"The market has now priced in the Fed's move for the rest of

the year, so the reaction function will be lower moving forward

and investors will start to focus more on the economic and

earnings backdrop," said Dylan Kremer, chief investment officer

at Certuity.

"The bond yields aren't necessarily reflecting the expected

Fed activity..and that's primarily due to still resilient

growth."

Investors will closely monitor comments from Fed speakers --

Vice Chair Philip Jefferson, Boston President Susan Collins and

Governor Lisa Cook during the day -- for fresh clues on the

central bank's monetary easing plans.

With the earnings season at its tail-end and only a few

economic reports expected this week, markets are now awaiting

next week's consumer prices reading to gauge if inflation is

cooling.

Overall, the first-quarter earnings have been much better

than expected. Of the 424 S&P 500 companies that reported

through Tuesday, nearly 78% topped analysts' estimates,

according to LSEG data. In a typical quarter, 67% beat

estimates.

At 07:24 a.m. ET, Dow E-minis were down 23 points,

or 0.06%, S&P 500 E-minis were down 8.5 points, or 0.16%

and Nasdaq 100 E-minis were down 36 points, or 0.2%.

Uber ( UBER ) rival Lyft ( LYFT ) climbed 5.1% after projecting

higher-than-expected gross bookings and a core profit for the

current quarter.

Reddit ( RDDT ) climbed nearly 12.3% after the social media

platform said it could post an adjusted profit in the second

quarter, thanks to its booming advertising business and

content-licensing deals with AI companies.

Rivian slid 5.3% after the electric-pickup truck

maker stuck to a 2024 production forecast that was well below

Wall Street targets and reported a wider-than-expected

first-quarter loss.