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Palo Alto rises on upbeat forecast

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Crypto stocks track rise in bitcoin

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Boeing ( BA ) falls after halting 777-9 test flights

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Futures: Dow down 0.08%, S&P 500 up 0.05%, Nasdaq up 0.04%

(Updated at 8:22 a.m. ET/ 1222 GMT)

By Shashwat Chauhan and Johann M Cherian

Aug 20 (Reuters) -

Wall Street's main indexes were set for a muted open on

Tuesday, as bets on a September interest rate cut firmed ahead

of the release of minutes from the Federal Reserve's latest meet

and Chair Jerome Powell's speech at Jackson Hole later this

week.

The S&P 500 and the Nasdaq extended gains to

an eighth straight session on Monday, their longest winning

streak so far this year, after a recent set of data raised

optimism about the economic health, boosting expectations of a

rate cut when the Fed meets in September.

Investors have been worried about a recession after a recent

report pointed to a rise in unemployment in the world's largest

economy, triggering a selloff in stock markets globally earlier

in the month.

At 08:22 a.m. ET, Dow E-minis were down 31 points,

or 0.08%, S&P 500 E-minis were up 2.75 points, or 0.05%

and Nasdaq 100 E-minis were up 8.25 points, or 0.04%.

Traders currently see a 75.5% chance of the Fed cutting

interest rates by 25 basis points (bps) in September, compared

with a near-even split between a 50 and 25 bps cut seen a week

ago, according to the CME FedWatch Tool.

"The market has become more positive over the course of the

last week or so, largely driven by the fact that data supports a

soft landing scenario," said Art Hogan, chief market strategist

at B Riley Wealth in Boston.

"We're just getting back to a place where we're more

comfortable with the pace of both economic growth and the

decrease in inflation such that we may well welcome a rate cut

in September."

Traders are on watch for any hints from Powell of a rate cut

at the upcoming Fed meeting in September when he delivers his

speech at the annual economic symposium in Jackson Hole on

Friday.

Atlanta Fed chief Raphael Bostic and Fed Vice Chair for

Supervision Michael Barr will speak later on Tuesday. Minutes

from the Fed's last policy meeting are due on Wednesday.

As per a slim majority of economists polled by Reuters, the

U.S. central bank will cut interest rates by 25 bps at each of

the remaining three meetings of 2024, one more reduction than

predicted last month.

Among individual premarket movers, Palo Alto Networks ( PANW )

gained 1.4% after the company forecast fiscal 2025

revenue and profit above estimates.

Cryptocurrency and blockchain-related stocks such as those

of MicroStrategy ( MSTR ) and Coinbase Global ( COIN ) added

3.6% and 2.6%, respectively, as bitcoin prices rose.

Eli Lilly ( LLY ) added 2.3% after the drugmaker's

weight-loss drug cut the risk of developing type 2 diabetes by

94% in pre-diabetic adults who were overweight or obese after

three years of weekly injections.

Tesla rose 1.6% after the automaker was set to

get a reduced tariff

on its China-built cars exported to the European Union.

Boeing ( BA ) slipped 1.2% after the airline maker stopped

test flights of its 777-9 models as it awaits certification

after a component between engine and airplane structure failed

to perform during a maintenance check.