US STOCKS-Wall Street set to open higher as tech sell-off cools

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* Growth stocks find respite after six-day sell off
* Tesla up as Ark Invest buys $171 mln more shares
* Lowe's rises on beating estimates for Q4 same-store sales
* Futures up: Dow 0.06%, S&P 0.23%, Nasdaq 0.35%

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By Devik Jain
Feb 24 (Reuters) - Wall Street's main indexes were set to
open higher on Wednesday as beaten down growth stocks found
respite after sliding for six straight sessions, while a rise in
Tesla shares aided in a reversal of declines for futures
tracking the Nasdaq index.
Microsoft Corp MSFT.O , Alphabet Inc GOOGL.O , Amazon.com
Inc AMZN.O and Apple Inc AAPL.O reversed declines to rise
between 0.2% and 1.0% in trading before the bell.
Tesla Inc TSLA.O gained 3.8% after star investor Cathie
Wood's Ark Invest funds bought a further $171 million worth of
the company's shares in the wake of a sharp fall in the
electric-car maker's stock. Markets were also reassured by comments from Federal Reserve
Chair Jerome Powell, who on Tuesday pushed back on suggestions
that loose monetary policy risked unleashing inflation.
"There could be a little bit of buy the dip in the market
and that Powell believes inflation is much softer," said Thomas
Hayes, chairman of hedge fund Great Hill Capital LLC in New
York.
"There is also the view that if she (Wood) is willing to
step in to the riskiest stocks in the face of what Powell said
yesterday, then maybe it is safe to go back into the water."
The S&P 500 growth index .IGX , housing much of the
high-flying technology-related stocks, fell more than 6% in the
last six days on valuation concerns.
Tech stocks are particularly sensitive to rising yields as
their value rests heavily on future earnings, which are
discounted more deeply when bond returns go up.
Value-oriented stocks have enjoyed a bit of a bounce
recently on hopes of a quicker economic rebound. The S&P 500
value index .IVX has risen for three straight days.
Banks, industrial and energy stocks edged higher, with Bank
of America BAC.N , Caterpillar Inc CAT.N and Chevron Corp
CVX.N gaining between 0.5% and 1.1%.
At 8:21 a.m. ET, Dow e-minis 1YMcv1 were up 18 points, or
0.06%, S&P 500 e-minis EScv1 were up 8.75 points, or 0.23%,
and Nasdaq 100 e-minis NQcv1 were up 46 points, or 0.35%.
Wall Street's main indexes slid from record highs last week
on concerns over a potential spike in inflation, while Treasury
yields have remained elevated in the recent past on expectations
of a vaccine-backed and stimulus-supported economic recovery.
Lowe's Cos Inc LOW.N rose 1.9% after it beat estimates for
quarterly same-store sales, benefiting from sustained demand
from people sprucing up their homes during the COVID-19
pandemic.