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

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

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March private payrolls up 184,000 vs est. of 148,000

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Powell scheduled to speak at 1210 ET (1610 GMT)

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Intel ( INTC ) down after revealing deepening losses at chip-making

unit

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Futures down: Dow 0.11%, S&P 0.20%, Nasdaq 0.34%

(Updated at 8:38 a.m. ET/ 1238 GMT)

By Sruthi Shankar and Shashwat Chauhan

April 3 (Reuters) - Wall Street was set to open lower on

Wednesday, as strong private payrolls data fanned fears of

fewer-than-expected interest rate cuts by the Federal Reserve

this year.

The tech-heavy Nasdaq and the blue-chip Dow

closed at two-week lows on Tuesday as Treasury yields rose to

multi-month highs after solid manufacturing activity and factory

orders data raised doubts over the prospect of three rate

cuts the Fed had forecast for 2024.

Private payrolls rose by 184,000 jobs in March after

advancing by an upwardly revised 155,000 in the previous month,

the ADP Employment report showed. Economists polled by Reuters

had forecast an increase of about 148,000 last month.

"It looks like a solid report. Pretty broad-based gains,

some wage growth as well which is going to keep the Fed on

guard," said Ross Mayfield, investment strategy analyst at

Baird.

"The market has come around to the Fed's expectation for

three rate cuts this year, but if we continue to get strong

labor market data, it's going to push them further towards fewer

than three cuts this year."

The benchmark 10-year U.S. Treasury yield edged

higher to 4.3972%, trading just below the year's high of 4.405%

hit in the prior session.

Services sector data later in the day could offer fresh

insights on the U.S. economy.

Traders are pricing in a 57% chance the Fed will cut

interest rates by 25 basis points in June, according to

CMEGroup's FedWatch tool, down from about 64% a week ago.

Cleveland Fed Bank President Loretta Mester and San

Francisco Fed Bank President Mary Daly said on Tuesday they

think it would be "reasonable" to cut interest rates thrice this

year, even as stronger recent economic data has sown investor

doubts about that outcome.

A slew of U.S. central bank officials including Powell are

slated to speak during the day. Powell's speech is due at 1210

ET (1610 GMT).

Focus is also on the Labor Department's jobs report on

Friday that is expected to show U.S. nonfarm payrolls increased

by 200,000 jobs in March, following 275,000 job additions in

February.

Meanwhile, Brent crude prices closed in on the $90

per barrel mark, raising concerns about rising inflationary

pressures.

At 8:38 a.m. ET, Dow e-minis were down 42 points,

or 0.11%, S&P 500 e-minis were down 10.5 points, or

0.2%, and Nasdaq 100 e-minis were down 62.5 points, or

0.34%.

Among individual stocks, Intel ( INTC ) slipped 5.1% in

premarket trading after the chipmaker disclosed $7 billion in

operating losses for its foundry business in 2023, steeper than

the $5.2 billion reported the year before.

Tesla dipped 1.2%, adding to its near 5% drop on

Tuesday after the automaker missed first-quarter delivery

estimates.

Paramount Global ( PARAA ) gained 1.9% after a report said

the media giant has been discussing entering into talks with

David Ellison, founder of Skydance Media, for a potential deal.

(Reporting by Sruthi Shankar and Shashwat Chauhan in Bengaluru;

Editing by Saumyadeb Chakrabarty and Shinjini Ganguli)