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Updates before markets open

By Purvi Agarwal and Ragini Mathur

Sept 3 (Reuters) - The S&P 500 and the Nasdaq were on track for a higher open on Wednesday after Alphabet gained on a favorable antitrust ruling and investors awaited labor market data that could influence the central bank's upcoming interest-rate decision.

Alphabet GOOGL.O jumped 7% in premarket trading after a Washington judge ruled late on Tuesday Google will not have to sell its Chrome browser, but will have to share data with rivals.

Apple AAPL.O also gained 3.4% as the ruling allowed Google to keep making lucrative payments to the iPhone maker.

"It's helping tech stocks in general... we are not seeing the injection of tremendous confusion if Alphabet were required to sell off its browser or make some changes with its arrangement with Apple," said Sam Stovall, chief investment officer at CFRA Research.

"That's allowing investors to breathe a sigh of relief."

The Job Openings and Labor Turnover Survey (JOLTS) report for July, due at 10 a.m. ET, marks the first in a series of jobs indicators expected this week that will culminate in Friday's highly anticipated nonfarm payrolls data.

Federal Reserve Chair Jerome Powell's comments at Jackson Hole last month kept the door open to a September cut and put the focus squarely on labor market weakness ahead of the central bank's rate decision on September 17.

Following July's weak payrolls data and massive revisions to previous reports collectively suggesting a cooling labor market, investors are now pricing in a 91.2% chance of a September rate cut, according to data compiled by LSEG.

At 08:46 a.m. ET, Dow E-minis YMcv1 were down 103 points, or 0.23%, S&P 500 E-minis EScv1 were up 22.5 points, or 0.35%, and Nasdaq 100 E-minis NQcv1 were up 154.75 points, or 0.66%.

Wall Street closed sharply lower in the first trading session of September, as yields on longer-dated Treasury notes had spiked, pressuring equities.

Yields on the 30-year note US30YT=RR hit a more than one-month high on Tuesday after a court ruling last week deemed most of U.S. President Donald Trump's tariffs illegal, reviving some fiscal concerns. It touched 5% earlier on Wednesday and was last at 4.965%.

September has been historically dour for U.S. equities, with the index losing 1.5% in the month on average since the turn of the century, according to data compiled by LSEG.

HSBC raised its 2025 year-end target for the S&P 500 to 6,500 from 6,400.

Department store operator Macy's M.N soared 12.5% after raising its annual forecasts, but discount retailer Dollar Tree DLTR.N dropped 6.8% despite a forecast hike.

As earnings season winds down, investors are watching for commentary on the holiday season shopping outlook to gauge the health of the U.S. consumer. A survey by PwC showed U.S. holiday spending this year was set for its steepest drop since the pandemic.

Fed policymaker Neel Kashkari is scheduled to deliver a speech on the day, potentially offering more clues on monetary policy direction.

In other moves, Zscaler ZS.O inched 1.1% higher after the cloud security firm forecast annual revenue above estimates.

(Reporting by Purvi Agarwal and Ragini Mathur in Bengaluru; Editing by Pooja Desai and Devika Syamnath)

((Purvi.Agarwal@thomsonreuters.com;))