(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

Focus on Fed speakers

*

Paramount Global ( PARAA ) up as bidders await word from special

committee

*

Tyson Foods ( TSN ) shares sink on worries over consumer demand

*

Indexes up: Dow 0.15%, S&P 0.58%, Nasdaq 0.67%

(Updated at 11:23 a.m. ET/ 1523 GMT)

By Sruthi Shankar and Shristi Achar A

May 6 (Reuters) - U.S. stock indexes extended last

week's gains on Monday as investors saw a greater chance of the

Federal Reserve cutting interest rates this year following

softer-than-expected payrolls data on Friday.

The benchmark S&P 500 and the tech-heavy Nasdaq

were trading at three-week highs after data on Friday

showed U.S. job growth slowed more than expected in April,

taking pressure off the U.S. central bank to keep rates higher

for longer.

"The economic news has been just right. It's still eliciting

signs of underlying strength in the economy that should allow

earnings growth to continue to foster an environment where stock

prices can advance," said Mark Luschini, chief investment

strategist at Janney Montgomery Scott in Philadelphia.

"At the same time, it is not running so hot as to once again

threaten the Fed's current posture."

Traders are currently pricing in rate cuts worth 46 basis

points from the Fed by the end of 2024, with the first cut

expected in September or November, according to LSEG's rate

probability app.

In recent weeks, traders had priced in just one cut due to

signs of sticky inflation. But a much better-than-expected

first-quarter earnings season and hopes of U.S. monetary policy

easing have drawn buyers back into the market, and somewhat

stabilized U.S. stock indexes after a rocky April.

The Fed signaled last week it was leaning toward eventual

reductions in borrowing costs, but wants to gain "greater

confidence" that inflation will continue to fall before cutting

rates.

Richmond Fed President Thomas Barkin and his New York

counterpart John Williams are scheduled to speak later in the

day, kicking off speeches from a host of U.S. central bank

policymakers this week.

With the earnings season in full swing, investors will also

keep an eye on quarterly numbers from major firms including Walt

Disney ( DIS ), Uber ( UBER ) and Arm Holdings this

week.

Of the 397 firms in the S&P 500 that have reported earnings

through Friday, 76.8% beat analysts' profit estimates, compared

with the long-term average of 66.7%, as per LSEG data.

At 11:23 a.m. ET, the Dow Jones Industrial Average

rose 57.20 points, or 0.15%, to 38,732.88, the S&P 500

gained 29.54 points, or 0.58%, to 5,157.33 and the Nasdaq

Composite gained 108.37 points, or 0.67%, to 16,264.70.

Nine of 11 S&P 500 sectors traded higher. The energy index

rose 1.3%, helped by higher crude prices.

Chipmakers also rose, with Micron Technology ( MU ) gaining

4.2% after a report said Baird upgraded the stock.

Paramount Global ( PARAA ) added 3.1% after the media company

ended its exclusive negotiations with Skydance Media without a

deal, allowing the special committee to entertain other offers

from rival bidders.

Tyson Foods ( TSN ) fell 7.5% after the meatpacker surpassed

Wall Street expectations for second-quarter profit but warned

that consumers were under pressure from persistent inflation.

Advancing issues outnumbered decliners by a 3.55-to-1 ratio

on the NYSE and a 1.85-to-1 ratio on Nasdaq.

The S&P 500 posted 26 new 52-week highs and no new lows,

while the Nasdaq recorded 110 new highs and 29 new lows.

(Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru;

Editing by Shounak Dasgupta and Shinjini Ganguli)