(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.)

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

* CBRE surges on upbeat full-year profit forecast

* Deere cuts 2024 profit view, shares slide

* Indexes: Dow up 0.36%, S&P up 0.10%, Nasdaq off 0.23%

Feb 15 (Reuters) -

The S&P 500 and the Dow edged higher on Thursday as investors cheered a higher-than-expected fall in retail sales data and looked ahead to commentary from Federal Reserve officials on the timing of the central bank's first interest-rate cut this year.

A Commerce Department report showed U.S. retail sales dropped 0.8% in January, weighed by declines in receipts at auto dealerships and gasoline service stations.

Bets for an at least 25-basis-point rate cut in May edged up to 40.6%, while the odds for June stood at 82%, according to the CME Group's FedWatch Tool.

On the other hand, a Labor Department report showed initial claims for state unemployment benefits stood at 212,000 for the week ended Feb. 10, versus the estimated 220,000 figure.

"The economy is doing fine, inflation is decisively down and we don't want to focus on the minor fluctuations of these numbers," said Todd Morgan, chairman of Bel Air Investment Advisors.

"We just had a CPI print that was too hot and that's just an aberration of the real direction; real inflation is approaching the Fed's target."

The data sets followed a warmer-than-expected inflation report, heightening uncertainty about the timing of the Fed's rate cuts this year. However, investors found relief when policymakers said price pressures were still moderating, although the path to the 2% target could be bumpy.

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

Investors now await comments from Fed Governor Christopher Waller and Atlanta Fed President Raphael Bostic, due later in the day.

At 11:32 a.m. ET, the Dow Jones Industrial Average was up 136.43 points, or 0.36%, at 38,560.70, the S&P 500 was up 5.14 points, or 0.10%, at 5,005.76, and the Nasdaq Composite was down 37.04 points, or 0.23%, at 15,822.11.

Alphabet dropped 3.0% after investment firm Third Point dissolved its stake in the megacap.

Apple, too, slipped to 1.1% after Berkshire Hathaway trimmed its large stake in the iPhone-maker and Soros Fund Management dissolved its stake in the company.

Investor optimism was also buoyed by a robust season that saw 80.3% of S&P 500 companies beating earnings expectations, LSEG data showed, surpassing the annual 76% average.

CBRE Group jumped 8.1% after forecasting annual profit largely above estimates, driving a 2.1% rise in the S&P 500 real estate sector.

Sectors such as utilities, materials and energy, which have recently underperformed, saw strong gains on the day, up between 0.8% and 1.6%. The small-cap Russell 2000 Index also advanced 1%.

Cisco Systems shed 2.2% as it planned 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 5.4% after cutting its 2024 profit forecast, while West Pharmaceutical Services tumbled 16.1% after forecasting full-year results below estimates.

Advancing issues outnumbered decliners by a 3.63-to-1 ratio on the NYSE and a 1.76-to-1 ratio on the Nasdaq.

The S&P index recorded 54 new 52-week highs and two new lows, while the Nasdaq recorded 98 new highs and 45 new lows.

(Reporting by Johann M Cherian and Ankika Biswas in Bengaluru; Editing by Pooja Desai)