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WALL STREET PRIMED TO SHOW MODEST GAINS AT OPEN

Wall Street approaches the last full week of the second quarter poised for modest gains with a session that offers virtually no economic data or earnings to stand as an obvious catalyst.

On Thursday, the S&P 500 ended 1.4% below its record closing high, and the Nasdaq ended the holiday-shortened week 2.1% shy of its highest-ever close. The blue-chip Dow ended within 1% of its all-time closing high.

"Encouraging progress" was made in U.S.-Iran peace negotiations in Switzerland, although tensions pertaining to Lebanon and the Strait of Hormuz linger. A look at front-month crude futures attests to that progress; U.S. WTI CLc1 is off about 1% while Brent LCOc1 is down more than 2.5%.

Chipmakers seem primed for a good day, with names like Micron MU.O, SanDisk SNDK.O and Intel INTC.O enjoying pre-market gains.

Federal Reserve Board Governor Chris Waller is expected to give welcome remarks before the Fifth Conference of the International Roles of the U.S. Dollar, hosted by the Federal Reserve on Monday, which will no doubt include words honoring Alan Greenspan, the influential Fed Chair from 1987 to 2006, who died on Monday at 100.

Speaking of the Fed, the Commerce Department's wide-ranging Personal Consumption Expenditures report, which includes the central bank's preferred inflation yardstick, is expected later in the week.

Headline and core PCE price indexes are expected to show year-on-year growth of 4.0% and 3.4% respectively, well above the Fed's 2% target, and underscoring the fact that newly seated Chair Kevin Warsh has his work cut out for him.

(Stephen Culp)

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EARLIER ON LIVE MARKETS:

FED VIEWS ARE DIVERGING. CITI, BOFA CALLS NOW 150 BPS APART CLICK HERE

UK PM QUITS, MARKETS SHRUG - FOR NOW CLICK HERE

STOXX GETS TECH SUPPORT; FTSE SUBDUED WITH EYES ON STARMER CLICK HERE

BEFORE THE BELL: EUROPE SET FOR CAUTIOUS OPEN; EASYJET BID CLICK HERE

ANY PROGRESS IS GOOD WITH HORMUZ AT STAKE CLICK HERE