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June consumer sentiment survey due at 10 a.m. ET

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Adobe up after lifting full-year revenue forecast

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Arm shares up as stock to join Nasdaq 100 index

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Futures down: Dow 0.85%, S&P 0.59%, Nasdaq 0.34%

(Updated at 7:11 a.m. ET/1111 GMT)

By Lisa Pauline Mattackal and Johann M Cherian

June 14 (Reuters) - U.S. stock index futures retreated

on Friday, with the S&P 500 and the Nasdaq pulling back after

consecutive record highs as investors weighed hawkish Federal

Reserve projections against the backdrop of a cooling economy.

The S&P 500 and the Nasdaq notched record

closing highs for the fourth consecutive session on Thursday, as

technology shares rallied. The S&P 500 information technology

sector also closed at a record high for the fourth

straight time.

Data earlier in the week showed inflation pressures softened

in May, while another report said the number of Americans filing

new claims for unemployment benefits increased last week to a

10-month high. That helped keep alive hopes for a forthcoming

interest rate cut by the Fed.

However, the central bank on Wednesday dialed back its

projections for three cuts this year to just one.

Markets, however, seemed undeterred so far - CME's FedWatch

tool shows an over 72% chance of a cut in September, while

interest rate traders are pricing in about two cuts by year-end.

"The FOMC remains in wait-and-see mode as the committee

continues to seek slower inflation data that instills 'greater

confidence' that annual price growth is firmly on the trajectory

back to 2%," analysts at Wells Fargo said in a note.

"It will be a close call between one or two 25 bps rate

cuts this year, and the Committee seems evenly split between the

two outcomes."

A rally in chip stocks, led by Broadcom ( AVGO ), helped

lift the semiconductor index to an all-time high on

Thursday. The chipmaker was flat in premarket trading, while

peers Nvidia ( NVDA ) and Micron slipped 0.4% and 0.8%.

Futures tracking the small-cap Russell 2000 slipped

1.6%, while Dow futures were firmly in the red after the index

closed lower on Thursday.

Hopes of easing Fed policy, combined with megacaps strength,

have seen major indexes rally, with the S&P 500 and the Nasdaq

on pace for their seventh week in gains out of eight.

However, this has raised some concerns about the

sustainability of equity strength, with the blue-chip Dow on

track to end the week slightly lower.

A BofA Global Research report also showed the appeal of

megacap growth stocks, as U.S. value stock funds saw $2.6

billion of outflows, while investors poured $1.8 billion into

U.S. growth stock funds in the week to Wednesday.

Investors will also eye comments from Chicago Fed President

Austan Goolsbee and Fed Governor Lisa Cook later on Friday, as

well as the University of Michigan's Consumer Sentiment survey

for June.

At 7:11 a.m. ET, Dow e-minis were down 328 points,

or 0.85%, S&P 500 e-minis were down 32 points, or 0.59%,

and Nasdaq 100 e-minis were down 65.75 points, or 0.34%.

Among others, Adobe jumped 14.0% after the company

raised its annual revenue forecast on more demand for its

artificial intelligence-powered software.

Sirius XM slipped 2.0% after the Nasdaq said the

stock would be removed from the Nasdaq 100 index, and replaced

with Arm Holdings. Shares of Arm rose 0.4%.