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

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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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Dow set to fall on the week

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Futures lower: Dow 0.67%, S&P 0.40%, Nasdaq 0.19%

(Updated at 8:24 a.m. ET/1224 GMT)

By Lisa Pauline Mattackal and Johann M Cherian

June 14 (Reuters) -

U.S. stock indexes were on track to open lower on Friday,

retreating after several strong sessions, 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.

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, that clashed with the central bank's own forecasts

released on Wednesday, where policymakers dialed back their

projections for three cuts this year to just one.

Markets, however, persisted with expectations of a September

start to policy easing - pricing in an over 70% chance of a cut

at that meeting - while interest rate traders are pricing in

about two cuts by year-end.

"Investors think the Fed's data was already somewhat out

of date ... there is a sense that if the Fed had gotten that

(CPI) data a couple weeks in advance, they may have left it at

two cuts," said Ross Mayfield, investment strategy analyst at

Baird.

Several megacap growth stocks that have led much of Wall

Street's rallies this year were down in premarket trading, with

Microsoft ( MSFT ), Amazon ( AMZN ), Apple ( AAPL ), Alphabet

and Meta Platforms ( META ) losing between 0.2% and

0.6%.

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 of gains out of eight.

However, this has raised some concerns about the

sustainability of equity strength, especially if economic

recession risks grow, with the blue-chip Dow on track to end the

week slightly lower.

"The market is also just pricing in a probability, even if

it's a small one, of a second half recession where the Fed has

to cut rates a lot," Mayfield said.

Futures tracking the economically sensitive small-cap

Russell 2000 slipped 1.1%.

Chip stocks were a bright spot, building on Thursday's gains

that saw Broadcom ( AVGO ) help lift the semiconductor index

to an all-time high on Thursday. In trading before the

bell, the chipmaker rose 0.3%, while peer Nvidia ( NVDA ) edged

up 0.4%.

A BofA Global Research report also showed the appeal of

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 8:24 a.m. ET, Dow e-minis were down 258 points,

or 0.67%, S&P 500 e-minis were down 21.75 points, or

0.4%, and Nasdaq 100 e-minis were down 37 points, or

0.19%.

Among others, Adobe jumped 15.1% after the company

raised its annual revenue forecast on more demand for its

artificial intelligence-powered software.

Sirius XM slipped 1.6% after the Nasdaq said the

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

with Arm Holdings. Shares of Arm rose 0.6%.