Oil is set for a higher open as Wall Street recovers in tech stocks.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., Aug. 22, 2022. REUTERS/Brendan McDermid

Aug 31, 2010 U.S. stock indexes were set to open higher on Wednesday in technology and growth stocks, as weaker-than-expected personal payrolls data and a slide in oil prices helped ease some inflation worries.

The ADP National Employment Report showed private payrolls rose by 132,000 jobs in August, below economists’ forecast of a 288,000 job gain, according to a Reuters poll. Read more

After a 528,000 increase in July, the more comprehensive and closely watched jobs data last month was expected to show nonfarm payrolls rose by 300,000.

Investors will welcome signs of a cooling labor market easing pressure on the Federal Reserve.

“We continue to believe the U.S. economy is relatively strong compared to Europe, but the Fed won’t believe inflation is coming down until we see two months of rate cuts,” said Jay Hatfield, CEO of Infrastructure Capital Management. in New York.

The three major indexes were poised for monthly losses, with the tech-heavy Nasdaq (.IXIC) down more than 4% after comments Friday by Federal Reserve Chairman Jerome Powell that monetary policy would remain tight “for some time.”

Meanwhile, mixed economic data indicating easing inflation and a tight labor market weighed on investors’ minds heading into September, which is traditionally a weak month for stock market returns.

The benchmark S&P 500 (.SPX) is up 9.6% from a mid-June low but remains in a bear market after falling earlier this year.

Heavyweight technology and growth stocks such as Apple Inc ( AAPL.O ), Alphabet Inc ( GOOGL.O ) and Nvidia Corp ( NVDA.O ), which took a big hit over the past few days due to rising Treasury yields, rose between 0.6%. and 0.8% in pre-market trading.

U.S. crude fell 3 percent to $89 a barrel, while Marathon Oil ( MRO.N ) shed 3.2 percent, leading decliners among oil stocks.

“Oil is down and that’s mostly good for tech stocks. If oil is down, that means inflation is down. There’s a 5% bleed from oil prices to core CPI,” Hatfield said.

At 08:46 am ET, Dow e-minis were up 63 points, or 0.2%, S&P 500 e-minis were up 13.5 points, or 0.34%, and Nasdaq 100 e-minis were up 79.75 points, or 0.65%.

Netflix Inc ( NFLX.O ) gained 2.1% after it hired two of social media firm Snap Inc’s ( SNAP.N ) chief executives to help the streamer with its ad-supported tiering plan. Shares of Snap fell 10.1 percent. Read more

Online pet supplies retailer Chewy Inc fell 10.5 percent after cutting its full-year 2022 sales outlook, while Calvin Klein owner PVH Corp fell 5.5 percent after cutting its 2022 profit outlook.

Bed Bath & Beyond Inc ( BBBY.O ) fell 30.5% after it said it would close 150 stores and cut 20% of its corporate and supply chain workforce. Read more

HP Inc (HPQ.N) fell 6.1% after reporting a decline in fourth-quarter and full-year profit.

Reporting by Devik Jain and Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Maju Samuel

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