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Palantir ( PLTR ) rises after raising FY profit, revenue forecasts

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CrowdStrike ( CRWD ) gains on brokerage upgrade

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Futures up: Dow 0.6%, S&P 500 0.8%, Nasdaq 0.8%

(Updated at 6:45 a.m. ET/ 1045 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 6 (Reuters) - Futures tracking Wall Street's main

indexes rose on Tuesday as investors looked for bargains after a

rout in the previous session, while dovish rate commentary from

Federal Reserve officials also lifted the mood.

Most megacap and growth stocks, which together lost $200

billion in market value on Monday, gained in premarket trading

with Nvidia ( NVDA ) bouncing back 2.1%.

Both the S&P 500 and the Nasdaq Composite

posted losses of at least 3% each in the last session 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

Fed 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 an about 79% chance of a

50-basis-point rate cut in September, down from 85% 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 employment report for July.

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

yields turned positive on Monday, which typically indicates that

the economy is heading into a downturn.

The CBOE Volatility index, also known as Wall

Street's "fear gauge", was at 31.64 points after hitting a high

of 65.73 on Monday.

At 06:45 a.m. ET, Dow E-minis were up 235 points,

or 0.6%, S&P 500 E-minis were up 40 points, or 0.77% and

Nasdaq 100 E-minis were up 135.5 points, or 0.75%.

Futures tied to the Russell 2000 small caps index

also advanced 0.7%.

Among other movers, Palantir Technologies ( PLTR ) surged

8.9% after the software services provider raised its annual

revenue and profit forecast for the second time this year.

Caterpillar ( CAT ) added 4.1% after reporting a rise in

quarterly adjusted profit, lifted by resilient demand for its

large excavators and other construction equipment on the back of

increased infrastructure spending in the United States.

CrowdStrike ( CRWD ) rose 3.4% after brokerage Piper Sandler

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

(Reporting by Shubham Batra and Shashwat Chauhan in Bengaluru;

Editing by Saumyadeb Chakrabarty and Shinjini Ganguli)