Yahoo Finance 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%(Adds comments, bullets, background; Updates prices throughout)
By Devik Jain
Feb 24 (Reuters) - Wall Street's main indexes were set toopen higher on Wednesday as beaten down growth stocks foundrespite after sliding for six straight sessions, while a rise inTesla shares aided in a reversal of declines for futurestracking the Nasdaq index.
Microsoft Corp, Alphabet Inc, Amazon.comInc and Apple Inc reversed declines to risebetween 0.2% and 1.0% in trading before the bell.
Tesla Inc gained 3.8% after star investor CathieWood's Ark Invest funds bought a further $171 million worth ofthe company's shares in the wake of a sharp fall in theelectric-car maker's stock.
Markets were also reassured by comments from Federal ReserveChair Jerome Powell, who on Tuesday pushed back on suggestionsthat loose monetary policy risked unleashing inflation.
"There could be a little bit of buy the dip in the marketand that Powell believes inflation is much softer," said ThomasHayes, chairman of hedge fund Great Hill Capital LLC in NewYork.
"There is also the view that if she (Wood) is willing tostep in to the riskiest stocks in the face of what Powell saidyesterday, then maybe it is safe to go back into the water."
The S&P 500 growth index, housing much of thehigh-flying technology-related stocks, fell more than 6% in thelast six days on valuation concerns.
Tech stocks are particularly sensitive to rising yields astheir value rests heavily on future earnings, which arediscounted more deeply when bond returns go up.
Value-oriented stocks have enjoyed a bit of a bouncerecently on hopes of a quicker economic rebound. The S&P 500value index has risen for three straight days.
Banks, industrial and energy stocks edged higher, with Bankof America, Caterpillar Inc and Chevron Corpgaining between 0.5% and 1.1%.
At 8:21 a.m. ET, Dow e-minis were up 18 points, or0.06%, S&P 500 e-minis were up 8.75 points, or 0.23%,and Nasdaq 100 e-minis were up 46 points, or 0.35%.
Wall Street's main indexes slid from record highs last weekon concerns over a potential spike in inflation, while Treasuryyields have remained elevated in the recent past on expectationsof a vaccine-backed and stimulus-supported economic recovery.
Lowe's Cos Inc rose 1.9% after it beat estimates forquarterly same-store sales, benefiting from sustained demandfrom people sprucing up their homes during the COVID-19pandemic.(Reporting by Devik Jain in Bengaluru; Editing by Anil D'Silvaand Shounak Dasgupta)
