Nasdaq poised for higher open as Nvidia firms after selloff
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Fed's Bowman says rates should remain steady for some time
Nvidia, other chip stocks recover
Spirit AeroSystems falls after report of Boeing deal
Futures: Dow down 0.10%, S&P 500 up 0.21%, Nasdaq up 0.44%
Updated at 8:26 a.m. ET/1226 GMT
By Ankika Biswas and Lisa Pauline Mattackal
June 25 (Reuters) - The Nasdaq eyed a higher open onTuesday as Nvidia and other AI-linked stocks rose afterbruising selloffs, while investors awaited further cues on the monetary policy path based on remarks by Federal Reserve officials and economic data thisweek.
AIchip firm Nvidia NVDA.O advanced 2.5% before the opening bell after losing nearly 13% and $430 billion in its market value in the last three trading days.
Peers Micron Technology MU.O, Broadcom AVGO.O and Qualcomm QCOM.O were up around 1% each, while AI-optimized server maker Super Micro Computer SMCI.O rose 2%.
The tech-heavy Nasdaq slumped more than 1% on Monday in its steepest one-day fall since late April, as investors pulled out of AI-linked stocks in favor of other sectors.
At the start of the week, investors bought into sectors including utilities .SPLRCU and energy .SPNY that have underperformed technology and tech-adjacent stocks this year.
However, futures tracking the Dow edged lower after the blue-chip index hit a one-month high on Monday.
Technology and other growth stocks have driven the S&P 500 and the Nasdaq to record highs this year, but the value-focused Dow continues to significantly lag the other indexes, causing some to raise concerns over the sustainability of equity strength.
"The question investors now need to ask is if the sell-off has gone far enough since the stock (Nvidia) is in correction territory, or if this is a structural shift lower, that will weigh on the major U.S. indices and allow other regions and indices to play catch up," said Kathleen Brooks, research director at XTB.
Data onthe personal consumption expenditures (PCE) price index - the Fed's preferred inflation gauge -on Friday is at the top of the watch list, while investorswill also keep an eye out for consumer confidence data during the day.
Fed GovernorMichelle Bowman said she still does not forecast any reduction in the U.S. benchmark interest rate this year.
Market participants see 61% odds of a 25-basis point interest rate cut in September, and are eyeing around two cuts by the end of the year, according to LSEG's FedWatch data.
A slew of quarterly corporate earnings are also scheduled for the day, with cruise operator Carnival Corp CCL.N due before marketsopen and parcel delivery giant FedEx FDX.N after the bell.
At 8:26 a.m. ET, Dow e-minis 1YMcv1 were down 41 points, or 0.1%, S&P 500 e-minis EScv1 were up 11.5 points, or 0.21%, and Nasdaq 100 e-minis NQcv1 were up 86.25 points, or 0.44%.
Among others, Spirit AeroSystems SPR.N dropped 3.4%. A report showed Boeing BA.N has offered to acquire the airplane fuselage maker in a deal funded mostly by stock that values its key supplier at about $35 per share. Boeing sharesslipped 1.2%.
Trump Media & Technology Group DJT.O rose 11% and was set to extend Monday's strong gains. The company had announced it expected $69.4 million in proceeds from cash exercise of warrants.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel
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