June 3, 2020 / 1:04 PM / a month ago

US STOCKS-Wall St set for higher open on optimism over economic revival

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* Lyft climbs as trends improve in May

* Coty rises on potential collaboration with Kim Kardashian

* Microchip climbs after sale, profit forecast raise

* Futures up: Dow 0.89%, S&P 0.58%, Nasdaq 0.25% (Adds quote, details; Updates prices)

By Medha Singh and Devik Jain

June 3 (Reuters) - Wall Street's major indexes were set to open higher on Wednesday, with Nasdaq inching closer to a record high, as investors remained optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest.

Microchip Technology Inc surged 6.5% after the chipmaker raised its forecast for current-quarter sales and profit as it begins making up for lost production due to the pandemic.

Ride-hailing firm Lyft Inc rose 5% in premarket trading after reporting a jump in rides on its platform in May from the prior month, helped by strong growth in cities where coronavirus-induced restrictions have been eased.

Adding to the upbeat mood, latest data showed U.S. private payrolls fell less than expected in May, with employers laying off another 2.76 million workers. Economists had expected 9 million job losses.

The data comes ahead of the more comprehensive jobs report due on Friday.

The S&P 500 and Nasdaq have risen in six of the past seven sessions, and now stand about 9% and 2% from their respective mid-February record highs, as encouraging economic data, unprecedented stimulus measures and the lifting of lockdowns have raised bets on a post-pandemic economic recovery.

Markets have largely looked past brewing Sino-U.S. tensions and protests in the United States over the death of an unarmed black man at the hands of the police.

U.S. protesters ignored curfews overnight as they vented their anger, but there was a marked drop in the violence that prompted President Donald Trump to threaten to deploy the military.

"Investors are reassured that there won't be any actual major upheaval in the country ... (and they) believe the Sino-U.S. relationship can survive this most recent wobble," Connor Campbell, financial analyst at SpreadEx said.

"Combine that with general easing measures around the world regarding the lockdown and markets are pushing quite firmly higher."

At 8:37 a.m. ET, Nasdaq 100 e-minis rose 0.1% to 9,658 points. It was about 0.5% below its Feb. 20 record high.

Dow e-minis were up 0.89% and S&P 500 e-minis were up 18 points, or 0.58%.

Coty Inc jumped 6.2% after the cosmetics maker said it was in talks with reality TV star Kim Kardashian West on a possible collaboration for a beauty line.

Zoom Video Communications Inc nearly doubled its expectations for annual sales, driven by a surge in users as more people work from home and connect with friends online during the lockdowns. Its shares were up 1.3% after tripling this year.

Later in the day, focus will turn to the ISM non-manufacturing PMI that is likely to show a reading of 44.0 in May, rising from 41.8 in April. (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Shounak Dasgupta)

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