(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

Home Depot ( HD ) down after cutting FY sales, profit targets

*

US producer prices rise less than expected in July

*

Starbucks ( SBUX ) up after naming Chipotle's boss Brian Niccol as

CEO

*

Futures: Dow up 0.24%, S&P 500 up 0.53%, Nasdaq up 0.82%

(Updated at 8:46 a.m. ET/1246 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 13 (Reuters) -

Wall Street was set for a higher open on Tuesday after

producer prices data showed abating inflation pressures, keeping

the Federal Reserve on track to cut rates in September, while

Starbucks ( SBUX ) soared after appointing Chipotle's Brian Niccol as

CEO.

Stocks wobbled on Monday with the S&P 500 nearly flat

and the Nasdaq eking out modest gains, following a

turbulent week marked by mixed economic reports and a rate hike

by Japan's central bank.

U.S. producer prices increased less than expected in July as

a rise in the cost of goods was tempered by cheaper services,

indicating that inflation continued to moderate. In the 12

months through July, the PPI increased 2.2% after climbing 2.7%

in June.

"This creates more flexibility for the Fed to lower

rates later this year without a doubt and that's what driving

the market response right now," said Dave Grecsek, managing

director in investment strategy and research at Aspiriant.

Yield on the 10-year Treasury note and on

the 2-year note ticked lower after the data, while

traders' bets of a 50-basis-point rate cut increased to over 50%

after the report, according to CME's FedWatch Tool.

Markets expect the interest rates to be reduced by a

total of 100 basis points by the end of 2024.

Investors now await the all-important consumer price

(CPI) figures for July on Wednesday and retail sales data on

Thursday to firm bets on an aggressive rate cut by the U.S.

central bank.

At 08:46 a.m. ET, Dow E-minis were up 96

points, or 0.24%, Nasdaq 100 E-minis were up 153.75

points, or 0.82% and, S&P 500 E-minis were up 28.25

points, or 0.53%.

Starbucks ( SBUX ) was the top performer on the S&P 500

in premarket trading, rising 9.8% after it appointed Chipotle

Mexican Grill ( CMG ) head

Brian Niccol

as chairman and chief executive officer replacing Laxman

Narasimhan.

Chipotle dropped 7.8%.

Home Depot ( HD ) pared losses and was last down 0.3%

after the home improvement chain

forecast a decline in annual profit

and a bigger drop in its annual comparable sales.

Chipmaker Nvidia led the inclines for megacap

and growth stocks with a 3.6% gain.

Roger Federer-backed On Holding beat analysts'

estimates for second-quarter revenue on strong demand from

customers looking for trendy products. Its shares rose 2.6%.

BuzzFeed ( BZFD ) jumped 17.4% after the digital media

company narrowed its net loss in the second quarter to $6.6

million from $22.5 million a year earlier.

Investors will now look ahead to comments from Atlanta

Fed President Raphael Bostic, due at 1:15 p.m. ET, on the

outlook for the U.S. economy.

Wall Street's fear gauge, the CBOE Volatility Index

, was at 19.8 points after falling to 18.87 on Monday.