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Futures up: Dow 0.22%, S&P 500 0.37%, Nasdaq 0.33%

Aug 6 (Reuters) - U.S. stock index futures rebounded on

Tuesday as dovish rate commentary from Federal Reserve officials

helped lift the mood and investors looked for bargains after a

rout in the previous session.

Most megacap and growth stocks, which together lost $200

billion in market value on Monday, gained in premarket trading

with Nvidia ( NVDA ) bouncing 1.7%.

Both the S&P 500 and the Nasdaq Composite

posted losses of at least 3% each on Monday after weak economic

data raised worries of a U.S. recession and the unwinding of

sharp positions of carry trades that fund high-yielding assets.

U.S. central bank policymakers pushed back on Monday against

the notion that weaker-than-expected July jobs data means the

economy is in recessionary freefall, but also warned that the

Federal Reserve will need to cut rates to avoid such an outcome.

"Our view remains that household and corporate balance

sheets' strength implies recession is unlikely, but risks are

building. If economic data continues to deteriorate, the Fed

stands in a good position to respond aggressively," said Seema

Shah, chief global strategist at Principal Asset Management.

Traders currently see a 75% chance of a 50-basis-point cut

in Fed interest rates in September, down from 98% on Monday and

expect the year-end rates at 4.25%-4.50%, according to CME's

FedWatch Tool.

Top brokerages including J.P. Morgan, Citigroup ( C/PN )

and Wells Fargo ( WFC ) have forecast a 50-basis-point

interest rate cut by the U.S. central bank in September after a

surprisingly weak U.S. employment report for July.

A closely watched gap between the two- and 10-year benchmark

yields turned positive on Monday, usually indicating the economy

is heading into a downturn.

The CBOE Volatility index, also known as Wall

Street's "fear gauge", was at 33.15 points after hitting a high

of 65.73 on Monday.

At 5:16 a.m. ET, Dow E-minis were up 85 points, or

0.22%, S&P 500 E-minis were up 19.5 points, or 0.37% and

Nasdaq 100 E-minis were up 59.75 points, or 0.33%.

Among other movers, Palantir Technologies ( PLTR ) surged

7.5% after software services provider raised its annual revenue

and profit forecast for the second time this year.

CrowdStrike ( CRWD ) rose 2.9% after brokerage Piper Sandler

raised its rating to "overweight" from "neutral".

(Reporting by Shubham Batra in Bengaluru; Editing by Saumyadeb

Chakrabarty)