A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 9, 2025. REUTERS/Brendan McDermid/File Photo

By Purvi Agarwal and Ragini Mathur

(Reuters) - Wall Street futures pointed to a subdued open on Friday after the three main indexes scaled record highs in the previous session and were on track to log gains in a week of economic reports that solidified expectations for interest rate cuts.

Wall Street on Thursday was boosted by a rally in shares of Tesla and Micron Technology, while a monthly inflation report kept the U.S. central bank on track to cut rates next week.

Markets were already pricing in a 25-basis point easing in monetary policy after a series of recent indicators had shown that the labor market was worse than previously thought.

The bleak August nonfarm payrolls, however, brought up bets on a bigger 50-bps cut, that currently stand at 7.5%, CME's FedWatch tool showed.

After the inflation data, market pricing now reflects expectations for three quarter-point cuts - one at each remaining Fed meeting this year.

"We're likely going to see 75 basis points one way or the other this year and likely another 50-75 basis points over the next 12 months ... that's more important than necessarily the cadence of how we receive that," Art Hogan, chief market strategist at B Riley Wealth.

A preliminary reading of the University of Michigan's consumer sentiment survey, which is due at 10:00 a.m. ET, will be watched.

At 8:37 a.m. ET, Dow E-minis were down 112 points, or 0.24%, S&P 500 E-minis were down 6.25 points, or 0.09% and Nasdaq 100 E-minis were up 6.25 points, or 0.03%.

The Nasdaq and the S&P 500 are poised to record gains for the second consecutive week in September, largely helped by a revival in artificial intelligence trade after cloud computing giant Oracle's upbeat forecast on Tuesday.

It sparked a rally in AI-linked semiconductors and utilities companies powering data centers earlier in the week, setting up the S&P 500 information technology sector to outperform peers this week.

The indexes are in the positive territory for September so far - a month that is deemed bad for U.S. equities historically, where the benchmark S&P 500 has shed 1.5% on average since 2000, data compiled by LSEG showed.

Among stocks, Warner Bros Discovery was 8.5% higher in premarket trading, extending Wednesday's over 28% gains, as a source said Paramount Skydance was preparing a bid for the Hollywood studio.

Photoshop-maker Adobe gained 2.9% after raising its annual profit and revenue forecasts.

Microsoft inched up 1.4% after it reached a non-binding deal with OpenAI to allow it to restructure itself into a for-profit company.

Super Micro Computer rose 6.7% after the AI server maker began volume shipments of Nvidia's blackwell ultra systems.

(Reporting by Purvi Agarwal and Ragini Mathur in Bengaluru; Editing by Maju Samuel)