US STOCKS-Wall St set to rise on growth stocks bounce, strong ADP data

* U.S. private payrolls increase solidly in April - ADP
* Caterpillar, Goldman Sachs, Chevron rise premarket
* Lyft rises on smaller-than-expected loss
* Futures up: Dow 0.22%, S&P 0.38%, Nasdaq 0.58%

(Adds comments; Updates prices throughout)
By Shreyashi Sanyal and Sruthi Shankar
May 5 (Reuters) - Wall Street's main indexes were set to
open higher on Wednesday as megacap stocks bounced from a steep
sell-off in the previous session, while a survey showed a solid
rise in private jobs in April.
Technology-related companies including Apple Inc AAPL.O ,
Microsoft Corp MSFT.O , Amazon.com Inc AMZN.O , Facebook Inc
FB.O , Tesla Inc TSLA.O and Alphabet Inc GOOGL.O rose
between 0.4% and 1.3% in premarket trading.
Value stocks, that stand to benefit more from economic
recovery, also gained, with oil major Chevron Corp CVX.N
adding 1.1%, lender Goldman Sachs Group Inc GS.N up 0.3% and
heavy machinery maker Caterpillar Inc CAT.N gaining 0.5%.
"The reopening optimism is back driving the markets today,
with investors realizing that the sell-off yesterday was
probably a bit overdone," said Fiona Cincotta, senior financial
markets analyst at City Index in London.
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%.
A rally that pushed the S&P 500 .SPX and Nasdaq .IXIC
indexes to record high last week has hit a snag as investors try
to find the balance between improving economic data, strong
earnings along with unprecedented fiscal stimulus and whether
the Federal Reserve will hike interest rates.
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, as investors worried higher rates would
weigh on valuations of growth companies.
"I think there is the thought in the market that rate hike
will be coming, but it's still not quite on the radar just yet.
Powell has worked very hard to drum that message home," City
Index's Cincotta said.
The ADP National Employment Report showed U.S. private
payrolls increased in April as companies rushed to boost
production amid a surge in demand, powered by massive government
aid and rising vaccinations against COVID-19. 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 8:33 a.m. ET, Dow e-minis 1YMcv1 were up 75 points, or
0.22%, S&P 500 e-minis EScv1 were up 15.75 points, or 0.38%,
and Nasdaq 100 e-minis NQcv1 were up 79 points, or 0.58%.
Ride-hailing company Lyft Inc LYFT.O rose 4.6% 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% as it raised its
full-year postpaid subscriber net additions forecast.