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US STOCKS-Wall Street set to open higher

* Oil prices reverse course to trade lower

* Sarepta jumps as key drug critic leaves FDA

* Futures up: Dow 26 pts, S&P 3.5 pts, Nasdaq 14.5 pts (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Sept 14 Wall Street looked set to open slightly higher on Wednesday after a steep selloff a day earlier and in tandem with the recent oscillation as investors fret over monetary policy.

Rising bond yields, sparked in part by deepening worries over the difficulty of the world's major central banks to stimulate growth, have kept investors in broadly risk-off mode.

U.S. stocks have swung wildly since Friday on contrasting comments from Federal Reserve officials on whether the central bank would raise interest rates at its Sept. 20-21 meeting.

The benchmark S&P 500 index fell 1.4 percent on Tuesday after having gained by a similar measure on Monday. The index had fallen 2.45 percent on Friday.

"The market is preparing for the worst, which is a rate hike in the U.S., and hoping for the best," said Andre Bakhos, managing director at Janlyn Capital.

"That mindset is causing back and forth swings in the past few days."

Dow e-minis were up 26 points, or 0.15 percent, with 27,325 contracts changing hands.

S&P 500 e-minis were up 3.5 points, or 0.16 percent, with 310,216 contracts traded.

Nasdaq 100 e-minis were up 14.5 points, or 0.3 percent, on volume of 29823 contracts.

The CBOE Market Volatility index, known as Wall Street's fear gauge, has also spiked and dropped with the stock market's gyrations.

"There are also opportunistic traders out there, short-covering and bargain hunting with the mindset to trade shorter-term and that's what is causing those sharp moves," Bakhos said.

Oil prices were 0.6 percent lower, reversing course from earlier in the session.

Monsanto inched up 0.31 percent to $106.47 in heavy premarket trading after Bayer agreed to buy the seed maker for $66 billion.

Department store chain Macy's rose 2.4 percent after Citigroup upgraded the stock, while Coach dropped 2.6 percent on a Morgan Stanley rating cut.

Sarepta surged 15.2 percent to $29.48 after Oppenheimer said a key critic of company's muscle disorder drug has left the FDA. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza)

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