* Futures up: Dow 0.51%, S&P 500 0.58%, Nasdaq 0.85%

* Nike ( NKE ) slumps on forecasting surprise Q4 sales drop

* Private payrolls, retail sales rise more than expected

* Trump to address the nation on Iran war at 9 p.m. ET

(Updates before markets open)

By Purvi Agarwal and Twesha Dikshit

April 1 (Reuters) - Wall Street's main indexes were set

for a higher open on Wednesday, after posting their biggest

one-day gain in nearly a year, following President Donald

Trump's comments that suggested an end to the Middle East

conflict could be close.

Trump and Secretary of State Marco Rubio said on Tuesday the

end of the Iran war could be near, signaling potential for both

direct talks with Iranian leadership and a winding down of the

conflict without a deal. Trump is scheduled to address the

country at 9 p.m. ET.

Global markets rallied, with Europe's STOXX 600 up

more than 2%, as markets hoped for a restoration of shipping

through the Strait of Hormuz, one of the world's key oil transit

chokepoints.

Oil prices, which had surged since the war erupted in late

February, fell as much as 3% on Wednesday. U.S. energy stocks

slipped in premarket trading, with Exxon Mobil ( XOM ) and

Chevron ( CVX ) down 3.1% and 2.2%, respectively.

Robert Pavlik, senior portfolio manager at Dakota Wealth,

said the comments by the presidents of the U.S. and Iran seemed

to be in the right direction, pointing to an end to the war.

"That's huge if it alleviates some of the worries and

concerns that have been hanging over the market for the past

month," said Pavlik.

At 08:40 a.m. ET, Dow E-minis were up 239 points, or

0.51%, S&P 500 E-minis were up 38.25 points, or 0.58%,

and Nasdaq 100 E-minis were up 203 points, or 0.85%.

The CBOE Volatility Index, known as Wall Street's

fear gauge, slipped to an over one-week low and was last down

0.52 points at 24.72.

Despite Tuesday's rally, the S&P 500 and the Nasdaq posted

their steepest monthly declines in a year, while the Dow logged

its sharpest drop since September 2022.

Private payrolls increased steadily in March, the ADP's

national employment report showed, while a Commerce Department

report showed retail sales in February rose 0.6%, compared with

an expected 0.5% rise.

Domestic private payroll figures for March will be in focus

on Friday, although U.S. markets will be closed for the Good

Friday holiday.

Money market participants had priced out any easing from the

U.S. Federal Reserve this year after the war outbreak stoked

energy-driven inflation fears, clouding the outlook for interest

rate cuts. They had previously expected two reductions.

Comments from Federal Reserve policymakers Alberto Musalem

and Michael Barr will be tracked for any clues on the monetary

policy path.

In early movers, Nike ( NKE ) slumped 11.3% after the

sportswear giant forecast a surprise drop in its fourth-quarter

sales.

Shares of RH slid 22.1% after the luxury furniture

retailer forecast annual revenue growth below estimates and

missed expectations for fourth-quarter revenue.

Shares of nCino jumped 21.3% after the banking

software provider forecast first-quarter revenue above estimates

and announced an accelerated $100 million share repurchase

program.

(Reporting by Purvi Agarwal and Twesha Dikshit in Bengaluru;

Editing by Sherry Jacob-Phillips and Devika Syamnath)