US STOCKS-Wall St set for higher open on optimism over economic revival

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* Lyft climbs as trends improve in May
* Coty rises on potential collaboration with Kim Kardashian
* Microchip climbs after sale, profit forecast raise
* Futures up: Dow 0.89%, S&P 0.58%, Nasdaq 0.25%

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By Medha Singh and Devik Jain
June 3 (Reuters) - Wall Street's major indexes were set to
open higher on Wednesday, with Nasdaq inching closer to a record
high, as investors remained optimistic about an economic rebound
from a coronavirus-led slump amid continuing social unrest.
Microchip Technology Inc MCHP.O surged 6.5% after the
chipmaker raised its forecast for current-quarter sales and
profit as it begins making up for lost production due to the
pandemic.
Ride-hailing firm Lyft Inc LYFT.O rose 5% in premarket
trading after reporting a jump in rides on its platform in May
from the prior month, helped by strong growth in cities where
coronavirus-induced restrictions have been eased. Adding to the upbeat mood, latest data showed U.S. private
payrolls fell less than expected in May, with employers laying
off another 2.76 million workers. Economists had expected 9
million job losses.
The data comes ahead of the more comprehensive jobs report
due on Friday.
The S&P 500 .SPX and Nasdaq .IXIC have risen in six of
the past seven sessions, and now stand about 9% and 2% from
their respective mid-February record highs, as encouraging
economic data, unprecedented stimulus measures and the lifting
of lockdowns have raised bets on a post-pandemic economic
recovery.
Markets have largely looked past brewing Sino-U.S. tensions
and protests in the United States over the death of an unarmed
black man at the hands of the police.
U.S. protesters ignored curfews overnight as they vented
their anger, but there was a marked drop in the violence that
prompted President Donald Trump to threaten to deploy the
military. "Investors are reassured that there won't be any actual
major upheaval in the country ... (and they) believe the
Sino-U.S. relationship can survive this most recent wobble,"
Connor Campbell, financial analyst at SpreadEx said.
"Combine that with general easing measures around the world
regarding the lockdown and markets are pushing quite firmly
higher."
At 8:37 a.m. ET, Nasdaq 100 e-minis NQcv1 rose 0.1% to
9,658 points. It was about 0.5% below its Feb. 20 record high.
Dow e-minis 1YMcv1 were up 0.89% and S&P 500 e-minis
EScv1 were up 18 points, or 0.58%.
Coty Inc COTY.N jumped 6.2% after the cosmetics maker said
it was in talks with reality TV star Kim Kardashian West on a
possible collaboration for a beauty line. Zoom Video Communications Inc ZM.O nearly doubled its
expectations for annual sales, driven by a surge in users as
more people work from home and connect with friends online
during the lockdowns. Its shares were up 1.3% after tripling
this year. Later in the day, focus will turn to the ISM
non-manufacturing PMI that is likely to show a reading of 44.0
in May, rising from 41.8 in April.