US STOCKS-Futures rise as growth stocks bounce, economic data eyed

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* Futures up: Dow 0.23%, S&P 0.34%, Nasdaq 0.51%

By Shreyashi Sanyal
May 5 (Reuters) - U.S. stock index futures edged higher on
Wednesday as growth stocks bounced from a steep sell-off in the
previous session, while investors awaited data on private jobs
growth and service sector activity in April.
Megacap technology-related companies including Apple Inc
AAPL.O , Microsoft Corp MSFT.O , Amazon.com Inc AMZN.O ,
Facebook Inc FB.O and Alphabet Inc GOOGL.O rose between 0.3%
and 0.9% in premarket trading.
Value stocks, that stand to benefit more from economic
recovery, also gained, with oil major Chevron Corp CVX.N
adding 1.3%, lender Goldman Sachs Group Inc GS.N up 0.7% and
heavy machinery maker Caterpillar Inc CAT.N gaining 0.3%.
The S&P 500 value index .IVX has risen 15.1% so far in the
year, while its growth counterpart .IGX is up 7.1%.
U.S. Treasury Secretary Janet Yellen said on Tuesday she
sees no inflation problem brewing, downplaying earlier comments
that rate hikes may be needed to stop the economy overheating as
President Joe Biden's spending plans boost growth. The initial comments made by Yellen deepened a sell-off in
tech stocks on Tuesday.
Market participants are now awaiting monthly jobs data from
payrolls processor ADP, which is expected to show additions of
800,000 last month, compared to 517,000 job additions in March.
A more comprehensive reading in the form of the Labor
Department's non-farm payrolls data is due Friday.
Also on the radar is the Institute for Supply Management's
non-manufacturing purchasing managers' index, which is expected
to show a slight rise in April from March.
At 7:06 a.m. ET, Dow e-minis 1YMcv1 were up 77 points, or
0.23%, S&P 500 e-minis EScv1 were up 14 points, or 0.34%, and
Nasdaq 100 e-minis NQcv1 were up 68.75 points, or 0.51%.
Ride-hailing company Lyft Inc LYFT.O rose 5.9% after it
surprised Wall Street with significantly lower losses than
expected. Rival Uber Technologies Inc UBER.N is set to report
earnings after markets close on Wednesday.
T-Mobile US Inc TMUS.O gained 2.4% as it raised its
full-year postpaid subscriber net additions forecast.