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Futures up: Dow 0.57%, S&P 500 0.63%, Nasdaq 0.74%

March 5 (Reuters) - U.S. stock index futures rose on

Wednesday, bouncing back from a selloff in the previous session,

after a top official said President Donald Trump could ease

tariffs he has imposed on the country's top trade partners.

Late on Tuesday, Commerce Secretary Howard Lutnick said

Trump, who has imposed 25% tariffs on Canada and Mexico, is

considering granting some relief on imports, such as cars and

autoparts, that comply with the U.S.-Mexico-Canada free-trade

agreement.

In premarket trading, Ford rose 2.6%, General Motors ( GM )

added 5.4% and Tesla gained 1.8%, after logging

sharp declines in the previous session.

"If Lutnick's comments about giving relief on tariffs for

Canada/Mexico holds, it would ease some of our concerns," said

Mohit Kumar, chief Europe economist at Jefferies.

Investors also welcomed Trump's commitment to extend his

2017 tax cuts, which has buoyed market sentiment since his

election victory in November. He reiterated his tax cut plans in

an address to Congress on Tuesday, where he said "America is

back".

At 05:28 a.m. ET, Dow E-minis were up 242 points,

or 0.57%, S&P 500 E-minis were up 36.5 points, or 0.63%,

and Nasdaq 100 E-minis were up 151.5 points, or 0.74%.

Futures tracking the domestically focused Russell 2000 index

rose 1.2%.

Trump escalated a global trade war on Tuesday as he imposed

tariffs on top trade partners, citing ineffective border

controls. Analysts expect his policies to fan inflation

pressures, slow the economy and eat into corporate profits, at a

time when multiple reports have suggested a cooling economy.

The benchmark S&P 500 has fallen about 6% from its

record high, while the tech-heavy Nasdaq has come close

to confirming a 10% drop from its peak.

On the data front, ADP's national employment report and

ISM's services sector survey will be in focus later in the day.

The Fed is also slated to unveil its beige book at 2:00 p.m. ET,

that will throw light on the impact tariff uncertainty has had

on the world's largest economy.

Traders now see the central bank lowering borrowing costs

for the first time this year in June, according to data compiled

by LSEG.

Megacaps such as Amazon.com ( AMZN ) and Meta

advanced about 1% each.

Chipmakers Nvidia rose 1.4% and Broadcom ( AVGO )

jumped 2%, while Intel ( INTC ) climbed 1.1%. Investors assessed

Trump's remarks as he said lawmakers should get rid of a

landmark 2022 bipartisan law on subsidies to the semiconductor

industry.

Crowdstrike ( CRWD ) fell 8.2% after the cybersecurity firm

forecast first-quarter revenue slightly below estimates, due to

weak spending on its cybersecurity products.

Big banks such as Citigroup ( C/PN ) and JPMorgan Chase ( JPM )

rose over 1.3% each, after the S&P 500 banks index

logged its steepest daily loss in nearly two years in the

previous session.

Across the Atlantic, the Dax jumped 3.5% after

Germany's new government agreed to overhaul borrowing rules to

revamp military spending and revive growth in Europe's largest

economy.

(Reporting by Johann M Cherian in Bengaluru; Editing by

Shinjini Ganguli)