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<br>Dow, S&P 500 set for weekly losses<br><br><br><br>Nearly 78% of reporting S&P 500 companies have beaten forecasts - LSEG data<br><br><br><br>Megacap shares recover after Thursday's dour session<br><br><br><br>Workday falls after cutting revenue forecast<br><br><br><br>Ross Stores rises after Q1 results beat<br><br>*<br><br>Indexes up: Dow 0.15%, S&P 0.39%, Nasdaq 0.46%<br><br>(Updated at 10:02 am ET)<br><br>By Ankika Biswas and Lisa Pauline Mattackal<br><br>May 24 (Reuters) -<br><br>U.S. stock indexes opened higher on Friday, but the blue-chip Dow and the benchmark S&P 500 were set to snap four straight weeks of gains as inflation concerns rekindled monetary policy caution ahead of a long weekend.<br><br>The tech-heavy Nasdaq, however, was on course to add 0.8% for the week thanks to Nvidia's blowout quarterly results reinforcing investor faith in Big Tech's bet on artificial intelligence.<br><br>Thursday's session still saw all three main indexes fall as economic data pointing to rising price pressures dented bets of interest-rate cuts this year.<br><br>After a strong earnings season and expectation-beating forecasts from Nvidia, "the shift for investors now goes back to (the Fed)," said Kim Forrest, chief investment officer at Bokeh Capital Partners.<br><br>"We're going to be looking for all of that data and that will drive the market."<br><br>Fresh data from the U.S. Census Bureau showed orders for durable goods rose 0.7% in April, compared with a 0.8% dip expected by economists polled by Reuters. The University of Michigan's final consumer sentiment index for  [https://acidfiles.com/ memek] May came in at 69.1, beating forecasts for a reading of 67.5.<br><br>Traders expect the U.S. central bank to ease its interest rates by 34 basis points by year-end. Goldman Sachs pushed back its call for a first rate cut to September from July.<br><br>Nvidia shares rose 0.3% after jumping more than 9% a day earlier, closing above the key $1,000 mark and adding around $218 billion to its market value.<br><br>Reuters reported the company's most advanced AI chip developed for China had a weak start, with abundant supply forcing it to be priced below Huawei's rival chip.<br><br>All 11 S&P 500 subsectors were in positive territory on Friday.<br><br>Other megacap stocks including Apple, Alphabet and Meta Platforms rose between 0.2% and 0.9%.<br><br>Small-cap stocks regained some ground, with the Russell 2000 rising 0.6% after Thursday's 1.6% loss.<br><br>The U.S. equity market will be closed on Monday for Memorial Day.<br><br>U.S. equity funds secured substantial inflows in the week ended May 22, boosted by optimism around robust corporate earnings. LSEG Lipper data showed investors pumped $9.9 billion into U.S. equity funds, significantly higher than $4.1 billion a week earlier.<br><br>At 10:03 a.m. ET, the Dow Jones Industrial Average was up 56.86 points, or 0.15%, at 39,122.12, the S&P 500 was up 20.59 points, or 0.39%, at 5,288.43, and the Nasdaq Composite was up 76.93 points, or 0.46%, at 16,812.96.<br><br>Meanwhile, the U.S. Securities and Exchange Commission approved applications from Nasdaq, CBOE and NYSE to [https://www.google.com/search?q=list%20exchange-traded&btnI=lucky list exchange-traded] funds (ETFs) tied to ether prices, potentially paving the way for products to begin trading later this year. However, ProShares Ether Strategy ETF was down 2.8%.<br><br>Workday dropped 11.5% after the human resources software provider cut its annual subscription revenue forecast.<br><br>Ross Stores jumped 8.7% after posting first-quarter results above estimates and raising its annual profit forecast.<br><br>Advancing issues outnumbered decliners by a 3.38-to-1 ratio on the NYSE and by a 1.81-to-1 ratio on the Nasdaq.<br><br>The S&P index recorded 14 new 52-week highs and 3 new lows, while the Nasdaq recorded 23 new highs and 48 new lows.<br><br>(Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Devika Syamnath)<br><br>