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Wall Street set to open mixed as focus turns to data, Fed comments

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Goldman Sachs raises S&P 500 year-end target to 5,600 points

Autodesk up after report Starboard Value takes ~$500 mln stake

Chip stocks gain after price-target hikes

'Reasonable' to predict December rate cut - Fed's Kashkari

Futures: Dow down 0.26%, S&P 500 down 0.11%, Nasdaq up 0.05%

Updated at 8:42 a.m. ET/1242 GMT

By Lisa Pauline Mattackal and Ankika Biswas

June 17 (Reuters) -The S&P 500 and Dow were set to open lower on Monday as investors awaited fresh economic data and comments from Federal Reserve officials throughout the week for more clarity on monetary policy.

The tech-heavy Nasdaq was on track to extend its strong run, inching up as megacaps Apple AAPL.O and Nvidia NVDA.O rose between 0.6% and 1.1% in premarket trading.

Some chip stocks also rose, with Broadcom AVGO.O and U.S.-listed shares of Taiwan Semiconductor Manufacturing Co TSM.N up more than 3%each. Arm Holdings ARM.O and Micron Technology MU.O gained over 2% each after price-target raises by brokerages.

The blue-chip Dow .DJI was alone among the threemajor indexes to post weekly declines on Friday, while the Nasdaq .IXIC notched its fifth consecutive record closing high. The S&P 500 hit multiple all-time peaks in the previous week.

Some investors, however, are concerned about the sustainability of the equity rally as megacap growth and technology stocks were behind most of Wall Street's gains this year.

"There really isn't an appetite to be a real seller right now because there is a perception that momentum is going to continue, and stocks are going to continue winning,"said Daniela Hathorn, senior market analyst at Capital.com.

"The fact that the rally has been driven mostly by a select few stocks, that would mean that the pullback could be even deeper."

Goldman Sachs still raised its 2024 year-end target for the S&P 500 Index .SPX to 5,600 from 5,200 earlier, representing about a 3.1% upside to the index's last close.

Markets are also keeping a close eye on upcoming comments from the New York Fed's John Williams, Philadelphia Fed's Patrick Harker and Fed Board Governor Lisa Cook.

The New York Fed's Empire State Current Business Conditions index slipped less than expected, while the index of prices paid softened slightly.

On the economic roster for the rest of the weekare May retail sales data on Tuesday, with industrial production, housing starts and S&P flash PMI data among other key releases due later in the week.

Recent hawkish projections from the Federal Reserve have somewhat contrasted several data releases pointing to growing weakness in the economy. The central bank dialed back their projections for three rate cuts in 2024 to just one on Wednesday.

One Fed rate cut in December is a "reasonable prediction",Minneapolis Fed President Neel Kashkari said in an interview on Sunday.

However, markets stillexpect about two25-basis-point cuts this year, according to LSEG data.The CME FedWatch tool FEDWATCH shows easing is still seen beginning at the September meeting.

At 8:42 a.m. ET, Dow e-minis 1YMcv1 were down 94 points, or 0.24%, S&P 500 e-minis EScv1 were down 6 points, or 0.11%, and Nasdaq 100 e-minis NQcv1 were up 8.75 points, or 0.04%.

Autodesk shares ADSK.O jumped 4.7% after a report that activist investor Starboard Value had bought a roughly $500 million stake in the software maker.

Best Buy BBY.N climbed 4.2% following a report UBS upgraded the electronics retailer to "buy" from "neutral".

A shorter trading week is on deck as markets will be closed on Wednesday.

The Fed’s dot plot https://reut.rs/3Rqet91

Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Devika Syamnath


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