Nasdaq, S&P 500 set for upbeat open as chips, megacaps gain

June 3 - Nasdaq and S&P 500 futures started the month on a positive note on Monday as falling U.S. Treasury yields boosted megacap growth stocks ahead of a data-packed week.

Yields began retreating off one-month highs on Friday as investors increased bets on a September start to interest-rate cuts by the Federal Reserve after inflation indicated a potential cooling of price pressures, as measured by the Personal Consumption Expenditures Price Index. The S&P 500 rose 4.8%, the Dow climbed 2.3% and the tech-heavy Nasdaq rose nearly 7% last month, as strong earnings and hopes of easing monetary policy buoyed Wall Street's biggest stocks.

Manufacturing survey readings for May from the Institute for Supply Management and S&P Global are due later in the day. Among others, shares of GameStop , opens new tab soared 74.4% after a weekend Reddit post from stocks influencer Keith Gill, also known as"Roaring Kitty," showed a $116 million bet on the gaming retailer.

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