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Expedia ( EXPE ) gains after Q2 profit beat

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Elf Beauty ( ELF ) falls on dour FY sales, profit forecast

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Paramount jumps on steady streaming growth

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Futures down: S&P 500 0.34%, Nasdaq 0.5%, Dow 0.21%

(Updated at 8:30 a.m. ET/1230 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 9 (Reuters) - Wall Street was set for a lower open

on the last day of a turbulent week, as futures erased early

gains, while Federal Reserve officials' dovish signals following

a report of a resilient labor market kept losses in check.

The so-called 'Magnificent Seven' stocks were in the red

during premarket trading on Friday.

In the previous session, U.S. stocks had jumped after

jobless claims last week fell more than expected, easing worries

of a prolonged slowdown in the United States that were spurred

after July's dour jobs data.

The CBOE Volatility Index, Wall Street's "fear

gauge", stood at 24.52 points, far below the 65.73 at the start

of the week, which witnessed a global stocks rout triggered by a

surge in yen as a surprise rate hike by the Bank of Japan

resulted in unwinding of currency carry trades.

But all major indexes were set for weekly losses, with both

the S&P 500 and the Nasdaq headed for a fourth

straight week of fall.

"In general, we're still in this environment where the

economy is slowing if not grinding to a halt, inflation is

coming down, which is not suggestive at all of recession. We're

still growing, just not as much," said Christopher Jackson,

senior vice president at UBS Wealth Management.

Fed policymakers said on Thursday they were confident that

inflation was cooling enough to allow interest-rate cuts ahead,

and will take their cues on the size and timing of those cuts

from the economic data.

Money markets are evenly split between the Fed cutting rates

by 50-basis points and 25-basis points in September, according

to CME's FedWatch Tool.

Investors are now focusing on next week's readings on the

consumer prices and retail sales for July, which could provide

fresh evidence on chances of a soft landing for the American

economy.

At 8:30 a.m. ET, S&P 500 E-minis were down 18

points, or 0.34%, Nasdaq 100 E-minis were down 92.5

points, or 0.5%, Dow E-minis were down 82 points, or

0.21%

Among individual stocks, Elf Beauty ( ELF ) fell 9% after it

forecast annual sales and profit below estimates, and said it

would raise product prices if Republican presidential candidate

Donald Trump comes to power and hikes tariffs on imports from

China.

Paramount Global ( PARAA ) jumped 4.9% as investors cheered

strong growth at the media group's streaming business, even as

the company joined rival Warner Bros Discovery in writing down

the value of its TV assets.

Take-Two Interactive Software ( TTWO ) climbed 6.6% as it

expects net bookings to grow in fiscal years 2026 and 2027, as

the videogame publisher gears up for the launch of its

long-awaited "Grand Theft Auto VI" next year.

Expedia ( EXPE ) advanced 8% after the online travel agency

beat analysts' expectations for second-quarter profit, helped by

sustained demand for international travel.

The Trade Desk ( TTD ) jumped 3.3% after the ad tech firm

forecast third-quarter revenue above analysts' estimates,

signaling strong demand for automated ad-buying technologies

from connected TV companies.

Of the 455 companies in the S&P 500 that have reported

earnings so far, 78.2% have reported above analyst expectations.