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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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Caterpillar ( CAT ) rises after Q2 profit beat

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Uber ( UBER ) jumps after Q2 revenue beat

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Futures up 0.5%

(Updated at 8:30 a.m. ET/1230 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 6 (Reuters) - Wall Street's main indexes were set to

open higher in volatile trading 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 2.6%.

Apple ( AAPL ) slipped 1.3%, extending a nearly 5% drop on

Monday after Warren Buffett's Berkshire Hathway cut

stake in the iPhonemaker by half.

Both the S&P 500 and the Nasdaq Composite posted

losses of at least 3% each in the previous 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.

Goldman Sachs in a note said that investors typically profit

when they buy after a 5% selloff in the S&P 500 index.

"We're getting a relief rally specifically because the yen

depreciated a little bit overnight and that would remove the

pressure for margin calls, so the selling pressure has abated,

which provides an opportunity for the market to rise with some

buyers coming to the table," said David Waddell, CEO and chief

investment strategist at Waddell & Associates.

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.

Traders currently see an about 75% 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

the surprisingly weak employment report.

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 32.72 points after hitting a high

of 65.73 on Monday.

At 8:30 a.m. ET, Dow E-minis were up 185 points, or

0.48%, S&P 500 E-minis were up 27.75 points, or 0.53%

and Nasdaq 100 E-minis were up 90.75 points, or 0.50%.

Futures tied to the Russell 2000 small caps index

also advanced 0.5%.

Among other movers, Palantir Technologies ( PLTR ) surged

11.2% after the software services provider raised its annual

revenue and profit forecasts for the second time this year.

Caterpillar ( CAT ) added 3.1% after reporting a rise in its

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.

Uber ( UBER ) jumped 8.2% after it beat Wall Street

estimates for second-quarter revenue and core profit, helped by

steady demand for its ride-sharing and food-delivery services.

CrowdStrike ( CRWD ) rose 3.6% 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)