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Futures up: Dow 0.01%, S&P 0.03%, Nasdaq 0.10%

(Updated at 08:04 a.m. ET/ 1204 GMT)

By Bansari Mayur Kamdar and Shristi Achar A

May 17 (Reuters) - Wall Street's main indexes were set

to open marginally higher on Friday, looking to extend this

week's rally on growing expectations of U.S. interest-rate cuts

this year.

The S&P 500 and Nasdaq were on course for

a fourth straight week of gains, while the blue-chip Dow

was on track for its fifth weekly advance, supported by strong

quarterly results and slowing inflation data that has bolstered

the case for rate cuts from the Federal Reserve.

All three main indexes touched record highs on Thursday and

the Dow briefly crossed the 40,000 milestone, before reversing

gains and closing in the red.

"(Equities) are just trying to sort of digest the past

week's economic data," said Robert Pavlik, senior portfolio

manager at Dakota Wealth.

"People are now looking at the next catalyst. Most likely

it's going to be whether or not the Fed actually cuts. So you

got PCE (personal consumption expenditures) coming up, and if

that's below expectations then probably see the market continue

to trend higher."

Investors will parse comments from Fed officials Christopher

Waller and Mary Daly, expected after the opening bell, for

further cues on the central bank's monetary policy path.

Traders currently see a 68% chance of the first rate cut in

September, according to the CME FedWatch Tool.

At 08:04 a.m. ET, Dow e-minis were up 6 points, or

0.01%, S&P 500 e-minis were up 1.75 points, or 0.03%,

and Nasdaq 100 e-minis were up 18.25 points, or 0.1%.

Advanced Micro Devices ( AMD ) gained 2.3% in premarket

trading after Microsoft ( MSFT ) said it plans to offer its

cloud computing customers a platform of AMD artificial

intelligence chips that will compete with components made by

Nvidia ( NVDA ).

Reddit ( RDDT ) rose 13% on partnering with OpenAI to bring

its content to ChatGPT.

GameStop ( GME ) erased early gains to shed 23% after filing

for a mixed-shelf offering and saying it expects first-quarter

net sales to drop from a year ago.

The stock is still set for sharp weekly gains, along

with fellow retail investor darling AMC Entertainment ( AMC ),

on excitement over the social media return of "Roaring Kitty",

who was the central figure in the 2021 meme-stock rally.

(Reporting by Bansari Mayur Kamdar and Shristi Achar A in

Bengaluru; Editing by Varun H K and Devika Syamnath)