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* Advanced Micro Devices up as brokerage lifts PT to Street high
* Warner Bros Discovery slips on Wells Fargo downgrade
* Amazon, iRobot abandon merger in face of EU opposition
* SoFi rises after posting Q4 profit vs year-ago loss
* Futures mixed: Dow down 0.06%, S&P flat, Nasdaq up 0.13%
Jan 29 (Reuters) - U.S. main indexes were set for a lackluster start on Monday, ahead of major events this week including the Federal Reserve's rate decision and big-ticket tech earnings that could set the tone for Wall Street.
A slew of megacap earnings will be under investor lens after disappointing forecasts from Intel and Tesla last week deepened concerns about overvaluation of the momentum stocks that have spearheaded a market rally since last year's end.
Microsoft, which through its partnership with Open AI piqued market interest around artificial intelligence in 2023, is expected to report a 15.8% jump in quarterly revenue on Tuesday.
Results from Alphabet, Apple, Meta Platforms, Amazon.com, Exxon Mobil, Chevron, Qualcomm, Merck, Pfizer and Boeing are also due this week.
"There will be more volatility around the megacap reports, with risk likely being asymmetric to the downside... a great deal of good news has already been priced into these equities," said Art Hogan, chief market strategist at B Riley Wealth.
However, with recent data indicating a resilient economy and inflation trending lower, hopes of a Goldilocks scenario - a not too hot or cold economy - have gained steam. Last week, data showed a continued moderation in U.S. prices.
So far this month, the S&P 500 has notched an intraday record high for four sessions and its fifth all-time closing high.
The global focus this week will be the year's first U.S. monetary policy decision, expected on Wednesday.
Crucial job reports including JOLTS or Job Openings and Labor Turnover Survey and the ADP National Employment will be thoroughly parsed before the Fed's policy decision for clues on the U.S. labor market strength.
Traders' bets reflect most expectations of rate cuts in June, with some for as early as March.
At 8:28 a.m. ET, Dow e-minis were down 22 points, or 0.06%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were up 22.5 points, or 0.13%.
Intel edged up marginally in premarket trade after a near 12% slide on Friday after its bleak first-quarter revenue outlook, while Tesla eyed its second day of recovery, up 1% after Thursday's slump.
IRobot dropped 19% as the robot vacuum maker and Amazon dropped their merger plans in the face of opposition from EU antitrust regulators.
Chip stocks also recovered, with Advanced Micro Devices rising 1.6% after brokerage Susquehanna lifted its target price to Street high of $210, while Broadcom and Nvidia rose 0.3% and 0.6%, respectively, after steep losses last week.
Warner Bros Discovery lost 1.7% as brokerage Wells Fargo downgraded the streaming platform to "equal weight" from "overweight".
Financial technology firm SoFi Technologies jumped 14.7% on posting a fourth-quarter profit after a loss in the year-ago period. (Reporting by Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shinjini Ganguli)
