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* Alphabet gains on unveiling Gemini AI model
* Advanced Micro Devices up after AI-chip market forecast
* Weekly jobless claims lower than expected
* Futures: Dow down 0.13%, S&P up 0.08%, Nasdaq up 0.28%
Dec 7 (Reuters) -
The S&P 500 and the Nasdaq were set to open higher on Thursday, propped up by gains in Alphabet shares, while investors looked forward to monthly payrolls data due later in the week for clues on the Federal Reserve's policy actions.
Shares of the Google-parent were up 3.1% in premarket trading, a day after the release of the company's most advanced artificial intelligence model called Gemini. Other megacap stocks were mixed in premarket trading.
Reports showing weak private payrolls and job openings this week have reinforced expectations the Federal Reserve's furious pace of rate hikes is slowing the economy, potentially allowing the central bank to ease up on its monetary policy next year.
Traders have almost fully priced in the likelihood of the Fed keeping interest rates unchanged at its meeting next week and have 61% odds for a rate cut as soon as March 2024, according to the CME Group's FedWatch tool.
However, some analysts have warned that markets have been too optimistic about rate cuts and also said the upcoming jobs report will be crucial in determining the chances of a soft landing - where the Fed manages to avert a recession. "They (the Fed) certainly don't have any cuts coming soon, but are data dependent," said Joe Saluzzi, co-manager of trading at Themis Trading. "So if data is in line, that basically keeps the Fed on the current path."
The Labor Department's report, due on Friday, is expected to show that non-farm payrolls increased by 180,000 jobs last month after rising by 150,000 in October.
A separate reading showed initial jobless claims stood at 220,000 for the week ended Dec. 2, lower than estimates of 222,000, according to economists polled by Reuters.
Meanwhile, comments from Bank of Japan Governor Kazuo Ueda added to growing speculation that the central bank could soon shift away from its ultra-easy monetary policy.
At 8:36 a.m. ET, Dow e-minis were down 47 points, or 0.13%, S&P 500 e-minis were up 3.5 points, or 0.08%, and Nasdaq 100 e-minis were up 45 points, or 0.28%.
Among other major movers, Advanced Micro Devices gained 2.5%, a day after the chipmaker estimated there was a $45 billion market for its data center artificial intelligence processors this year.
GameStop tumbled 8.2% after the videogame retailer missed estimates for quarterly revenue, hurt by rising competition.
Bristol-Myers Squibb added 1.3% after the drugmaker announced an additional $3 billion share buyback program.
rose 3.0% as the retailer's quarterly results beat estimates. (Reporting by Amruta Khandekar and Shristi Achar A; Editing by Saumyadeb Chakrabarty and Anil D'Silva)