US STOCKS-Futures muted as investors await economic data

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Cisco to cut over 4,000 jobs, lowers annual revenue forecast

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Arm, SoundHound AI shares jump as Nvidia builds stake

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Deere cuts 2024 profit view

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Albemarle shares down on Q4 loss

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Futures up: Dow 0.12%, S&P 0.15%, Nasdaq 0.19%

(Updated at 7:17 a.m. ET/ 1217 GMT)

By Johann M Cherian and Ankika Biswas

Feb 15 (Reuters) - U.S. stock index futures edged up on Thursday, a day after the S&P 500 reclaimed the 5,000-point mark, as a slew of economic data and commentary from Federal Reserve officials were on investors' radar for the timing of the first rate cut this year.

Wall Street regained some lost ground on Wednesday following an inflation-induced malaise, with the S&P 500 closing above the psychological 5,000-point level for the third time this month.

Nvidia dethroned Google-parent Alphabet to become the country's third most valuable firm, days after overtaking Amazon.com, boosted by the excitement around artificial intelligence (AI).

Earlier in the week, signs of sticky inflation added to uncertainty about the timeline of interest-rate cuts this year. However, investors found a modicum of relief after policymakers said price pressures were still moderating, although the path to the 2% target could be bumpy.

Data due at 8:30 a.m. ET, including retail sales and industrial production reports for January and weekly jobless claims, is expected to shed more light on the health of the U.S. economy.

Comments from Fed Governor Christopher Waller and Atlanta Fed President Raphael Bostic due through the day will also be scrutinized for their perspectives on the monetary policy easing outlook.

Bets for at least a 25-basis-point rate cut in May have settled at 40.5%, down from over 60% earlier in the week, while odds for June stand at 82.3%, according to the CME Group's FedWatch Tool.

"The January CPI report injected another dose of reality into investors, indicating the likelihood that the Fed will be 'slower to lower' short-term interest rates," said Sam Stovall, chief investment strategist at CFRA Research in New York.

"We think the FOMC (Federal Open Market Committee) will wait to see a broad-based slowing in price pressures before starting its easing cycle."

The recent release of gross domestic product (GDP) data showed that UK and Japan, two of the world's top economies, slipped into negative growth for two straight quarters.

At 7:17 a.m. ET, Dow e-minis were up 46 points, or 0.12%, S&P 500 e-minis were up 7.5 points, or 0.15%, and Nasdaq 100 e-minis were up 34.25 points, or 0.19%.

Investor optimism was also buoyed by a robust season that saw nearly 80% of S&P 500 companies beating earnings expectations, LSEG data showed on Tuesday, surpassing an annual average of 76%.

Among premarket movers, Cisco Systems shed 4.1% on plans to cut 5% of its global workforce and lowered its annual revenue target to navigate a tough economy.

Deere & Co, the world's largest farm-equipment maker, lost 3.1% after cutting its 2024 profit forecast, while Albemarle dropped 4.1% after the world's largest lithium producer swung to a quarterly loss from a year-ago profit.

Rollins' lost 6% after its fourth-quarter organic residential revenue and margins disappointed investors.

SoundHound AI jumped 73.8%, while Arm climbed 1.5% after Nvidia disclosed stakes in both AI-related firms.

Alphabet dipped 1.2% after investment firm Third Point dissolved its stake in the megacap, while Apple slipped 0.7% after Berkshire Hathaway trimmed its large stake in the iPhone-maker and Soros Fund Management dissolved its stake in the company. (Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai)