US STOCKS-Futures subdued as bond yields rise

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Tesla gains after Musk says will unveil Robotaxi in August *

Crypto stocks track bitcoin prices higher *

Futures up: Dow 0.03%, S&P 0.01%, Nasdaq 0.07% (Updated at 7:25 a.m. ET/ 1125 GMT)

By Shashwat Chauhan and Shristi Achar A April 8 (Reuters) -

Futures tracking Wall Street's main indexes were largely muted on Monday after Treasury yields rose on rising bets that the U.S. Federal Reserve could delay interest-rate cuts this year. Hawkish commentary from Fed officials throughout last week and stronger-than-expected manufacturing and jobs reports pointed to a resilient U.S. economy, taking the pressure off the Fed to cut interest rates quickly.

U.S. stocks recorded weekly losses on Friday as traders scaled back expectations of the central bank cutting rates in June. They now see an about 51% chance of the first rate cut in June, according to the CME FedWatch Tool, down from about 58% at the beginning of last week. The market has also pared back expectations for more than three rate cuts this year, from three to four a few weeks ago, according to LSEG data.

The yield on 10-year notes rose 4.4541%, its highest level since last November, pressuring equities. "While one should not attach too much importance to one payroll report, particularly when the seasonal effects are large, and there is still a lot of data to come between now and the June meeting," Mohit Kumar, chief economist Europe at Jefferies, said in a note.

"If the data remains robust we will have to rethink our June call." Investors will await comments from Chicago Fed President Austan Goolsbee and his Minneapolis counterpart Neel Kashkari later in the day for further policy directions.

The focus will also be on the March reading of the U.S. Consumer Price Index (CPI), due later in the week, that is expected to show a rise in headline inflation to 3.4% year-on-year, from 3.2% in February. Also on the radar is the release of minutes from the Fed's latest meeting, where it stuck to its guidance of three rate cuts this year.

First-quarter earnings' season will pick up pace this week, with banking giants JPMorgan Chase, Citigroup and Wells Fargo scheduled to report towards the end of the week. Asset manager BlackRock and Delta Air Lines will also report their quarterly numbers this week.

Meanwhile, Wells Fargo raised its year-end target for the benchmark S&P 500 index to 5,535 - the highest among Wall Street brokerages - from a prior forecast of 4,625​. At 7:25 a.m. ET, Dow e-minis were up 11 points, or 0.03%, S&P 500 e-minis were up 0.75 points, or 0.01%, and Nasdaq 100 e-minis were up 12.75 points, or 0.07%.

Tesla rose 1.9% in trading before the bell after CEO Elon Musk said the company would unveil the Robotaxi on Aug. 8. Cryptocurrency and blockchain-related stocks advanced, tracking rising bitcoin prices. Exchange operator Coinbase Global, crypto miner Marathon Digital and software firm MicroStrategy added between 6.1% and 11.6%.

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co (TSMC) gained 2.0% after the U.S. Commerce Department said it would award the company's U.S. unit a $6.6 billion subsidy for advanced semiconductor production in Phoenix, Arizona. Skyworks Solutions slipped 2.4% after KeyBanc downgraded the Apple supplier to "sector weight" from "overweight".

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)