US STOCKS-Futures climb as chips, megacaps in spotlight; earnings in focus

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

*

Super Micro Computer's rosy outlook powers chip stocks

*

Insurer Travelers rises on higher Q4 profit

*

Spirit Airlines mulls options to refinance debt, shares gain

*

iRobot plunges on report Amazon deal faces EU block

*

Futures up: Dow 0.36%, S&P 0.45%, Nasdaq 0.72%

(Updated at 7:13 a.m. ET/ 1213 GMT)

By Johann M Cherian and Ankika Biswas

Jan 19 (Reuters) - U.S. stock index futures climbed on Friday, as chip and megacap stocks continued their ascent, while the ongoing corporate earnings season and hints on the timing of interest-rate cuts dominated investors' watch list.

Semiconductor stocks Advanced Micro Devices, Marvell Technology, Nvidia and Microchip Technology gained over 1% each in premarket trading after server-maker Super Micro Computer lifted its second-quarter profit forecast, driving a 13.5% surge in its shares.

Megacaps Microsoft, Meta Platforms, Alphabet and Apple also added between 0.7% and 1.1%, as yields on most U.S. Treasury notes fell.

The information technology index hit a record high on Wednesday and the Philadelphia SE Semiconductor index inched closer to its all-time high. They were boosted by a recovery in chip stocks following a bullish forecast focused on artificial intelligence from Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker.

"The optimism is that even with a slowing global economy and the consumer struggling because of high rates, businesses are looking for ways to increase productivity... this is where AI and those tech companies are just surging ahead," said Danni Hewson, head of financial analysis at AJ Bell.

The Nasdaq is on course for weekly gains and the S&P 500 is nearing a record high despite a rocky start to the week, following mixed earnings from top investment banks and mostly disappointing comments on the possibility of early rate cuts from central bankers, both at home and abroad.

On the economic data front, December existing home sales and the preliminary reading of the University of Michigan's Consumer Sentiment Index for January are awaited at 10 a.m. ET.

Also on tap are remarks from San Francisco Fed President Mary Daly, Chicago President Austan Goolsbee and Vice Chair for Supervision Michael Barr for clues on the policy outlook before the blackout period begins, ahead of a policy meeting on Jan. 31.

Through the week, money market participants have toned down expectations for a 25-basis-point rate cut in March to 54%, nearing levels seen just before the central bank's December policy meeting, according to the CME Group's FedWatch Tool.

At 7:13 a.m. ET, Dow e-minis were up 135 points, or 0.36%, S&P 500 e-minis were up 21.5 points, or 0.45%, and Nasdaq 100 e-minis were up 123.5 points, or 0.72%.

Among individual movers, Travelers Cos jumped 4% after the insurer's fourth-quarter profit more than doubled, powered by stronger underwriting, higher investment returns and lower catastrophe losses.

Spirit Airlines

gained 18.4% on assessing options to refinance its 2025 debt maturities, amid analysts' concerns over the airline's ability to stay afloat.

iRobot slumped 37% after a report said the European Union's competition watchdog plans to block Amazon.com's $1.4-billion acquisition of the robot vacuum maker.

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