March 27 (Reuters) - U.S. stock index futures inched higher on Wednesday as chipmakers and market-leading growth stocks rebounded in light trading ahead of crucial economic data, commentary from the Federal Reserve's policymakers and a long holiday weekend.
The Dow (.DJI), opens new tab and the S&P 500 (.SPX), opens new tab recorded their third consecutive declines on Tuesday, as most megacaps were pressured and stocks struggled to maintain an upwards momentum.
Investors look forward to comments from Fed Board Governor Christopher Waller, who is set to speak at the Economic Club of New York later in the day.
"Waller is generally considered a hawk, so it will be interesting to see how he reacts to the latest data releases," said Francesco Pesole, an FX strategist at ING.
"When it comes to Fed pricing, we doubt expectations for the June meeting will change much this week, unless we see a surprise in Friday's PCE (Personal Consumption Expenditures)."
The PCE price index, the Fed's preferred inflation gauge, is due on Friday, when the U.S. stock market will be closed for Good Friday. An upside surprise to inflation could potentially dampen market enthusiasm around early rate cuts.
Also on tap this week is the final fourth-quarter GDP print, the University of Michigan's reading of consumer sentiment and weekly jobless claims data.
All three major U.S. stock indexes eye quarterly gains as an artificial intelligence-inspired rally helped Wall Street reach record highs recently and optimism about the Fed cutting borrowing costs later in the year added to gains.
Traders see a 70% chance the Fed will begin its easing cycle in June, according to the CME FedWatch tool.
At 07:00 a.m. ET, Dow e-minis were up 167 points, or 0.42%, S&P 500 e-minis were up 22.25 points, or 0.42%, and Nasdaq 100 e-minis were up 86 points, or 0.47%.
Most megacap growth stocks rose in trading before the bell, with Tesla (TSLA.O), opens new tab and AI-giant Nvidia (NVDA.O), opens new tab adding 0.8% each.
Micron Technology (MU.O), opens new tab advanced 0.9% and was on track to extending its gains for the ninth straight session on AI optimism.
Merck & Co (MRK.N), opens new tab gained 4.8% after the U.S. Food and Drug Administration approved its therapy for adults with high blood pressure due to constriction of lung arteries.
Trump Media & Technology Group (DJT.O), opens new tab jumped 13.1%, a day after its stellar Nasdaq debut.
Robinhood Markets (HOOD.O), opens new tab climbed 6.8% after the online trading app launched a new credit card.
GameStop (GME.N), opens new tab dropped 18.0% after the videogame retailer reported lower fourth-quarter revenue and said it had cut an unspecified number of jobs to reduce costs.
Reporting by Shashwat Chauhan and Bansari Mayur Kamdar in Bengaluru; Editing by Rashmi Aich and Pooja Desai
