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Futures up: Dow 0.47%, S&P 500 0.55%, Nasdaq 0.75%

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Tesla rises on 96 million share award to CEO Musk

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Spotify ( SPOT ) to raise premium subscription price, shares jump

(Updates with prices, analyst comment before the opening bell)

By Nikhil Sharma and Pranav Kashyap

Aug 4 (Reuters) -

Wall Street's main indexes were poised for a higher open on

Monday after a sharp pullback in the previous session, as

markets priced in prospects of deeper rate cuts by the Federal

Reserve following a surprisingly soft jobs report.

A

weaker-than-expected

July jobs report sent the S&P 500 tumbling to its

steepest intraday loss in more than two months on Friday.

The bleak data, which showed downward revisions for May

and June, suggested a sharp deterioration in the labor market

and allowed traders to bet on multiple rate cuts this year.

According to the CME FedWatch tool, traders now see an

87.5% chance of a September rate cut, up from just 63.1% a week

ago. For the year, markets are betting on at least two

quarter-point cuts, about 60 basis points.

At 8:19 a.m. ET, S&P 500 E-minis were up 34.5

points, or 0.55%, Nasdaq 100 E-minis were up 171.75

points, or 0.75%, and Dow E-minis were up 205 points, or

0.47%.

The central bank's decision to keep rates unchanged last

week drew immediate criticism from President Donald Trump, who

has repeatedly threatened to fire Chair Jerome Powell, arguing

that rates should be much lower than they are.

Further underscoring uncertainty, the surprise resignation

of Fed Governor Adriana Kugler could allow Trump to reshape the

central bank's leadership to better align with his policy views.

"If we get to a point where Jerome Powell was pushed out

earlier than he's expected to go anywhere, that is going to

unsettle markets, and that is possibly the pill that they won't

swallow," said Danni Hewson, head of financial analysis at AJ

Bell.

Meanwhile, sentiment was also strained after Trump signed

executive orders slapping fresh import duties on countries like

Canada, Brazil, India, and Taiwan despite their efforts to

negotiate better terms.

In premarket trading, Tesla rose 2.3% after

granting CEO Elon Musk 96 million shares worth about $29

billion.

U.S. factory orders data for June is due at 10:00 a.m. ET.

Tuesday's business activity report and Thursday's jobless claims

figures are the only other key economic indicators in this

data-light week.

Atlanta Fed President Raphael Bostic will speak later in the

week.

After a big week for Big Tech earnings, companies from

various sectors, including Palantir ( PLTR ), Eli Lilly ( LLY ),

and Disney ( DIS ), will report this week.

Of the 330 S&P 500 companies that have reported earnings as

of Friday, 80.6% have surpassed analyst expectations, the

highest beat rate since the third quarter of 2023, according to

data compiled by LSEG I/B/E/S.

Among early movers, Joby Aviation ( JOBY ) rose 5.7% after

Bloomberg News reported that the company was exploring the

acquisition of helicopter ride-share operator Blade Air Mobility ( BLDE )

. Blade Air's shares surged 27.2%.

Chemours ( CC ) rose 8.2% after reaching an

agreement

with New Jersey to resolve all environmental claims.

Spotify ( SPOT ) gained 5.2% as the music streaming platform

announced plans to raise the monthly price of its premium

individual subscription in select markets from September.