Wall Street set to rebound after three-day slump on rate-hike angst

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* AMC gains on strong Q1 as cinema-goers return

* Peloton shares crushed as CEO says business "thinly capitalized"

* Futures up: Dow 0.76%, S&P 0.93%, Nasdaq 1.55%

By Amruta Khandekar

May 10 (Reuters) - Wall Street's main indexes were set to open higher on Tuesday, with investors buying into beaten-down banks and megacap growth stocks after a three-day selloff on concerns around aggressive monetary tightening and slowing economic growth.

Amazon.com AMZN.O , Facebook parent Meta Platforms FB.O , Apple Inc AAPL.O , Microsoft Corp MSFT.O , Google owner-Alphabet Inc GOOGL.O and Tesla Inc TSLA.O climbed between 1.4% and 2.1% in premarket trading.

Morgan Stanley MS.N advanced 1% to lead gains among the big banks.

On Monday, the benchmark S&P 500 index .SPX ended below 4,000 for the first time since late March 2021 and the tech-heavy Nasdaq .IXIC dropped more than 4%.

Both the indexes have dropped about 16% and 26%, respectively, this year due to the war in Ukraine, China's COVID-19 lockdowns roiling global supply chains and rising bond yields as traders adjust to higher U.S. interest rates.

"The market has really been in a down spin," said Sam Stovall, chief investment strategist at CFRA. "Today is really just sort of a short-term bounce from being close to oversold levels and maybe it's in anticipation of a less onerous CPI reading tomorrow and PPI reading on Thursday,"

"So investors, in a sense, are searching for a catalyst right now to indicate that either the worst is behind us or there's more pain ahead."

Data on Wednesday is expected to show consumer prices increased at a slower pace in April, with investors looking for signs of peaking inflation.

New York Fed President John Williams said on Tuesday the Fed's aim of bringing inflation down to its goal without derailing the economy is challenging but doable amid heightened uncertainty on the path of price pressures caused by the war in Ukraine and COVID pandemic.

At 8:17 a.m. ET, Dow e-minis 1YMcv1 were up 243 points, or 0.76%, S&P 500 e-minis EScv1 were up 37 points, or 0.93%, and Nasdaq 100 e-minis NQcv1 were up 188.75 points, or 1.55%.

Among other stocks, AMC Entertainment AMC.N rose 3.4% after it posted better-than-expected quarterly revenue and a narrower loss, as the release of big-ticket films such as "The Batman" drew crowds to movie halls of the world's largest theater chain.

Novavax Inc NVAX.O plunged 22% after the vaccine maker revealed a sharp drop in first-quarter COVID-19 research funding and said it shipped less than a fourth of the total vaccine deliveries slated for 2022.

Peloton Interactive Inc PTON.O tumbled 24.2% as the fitness equipment maker said the business was thinly capitalized after it posted a 23.6% slide in quarterly revenue.

Big Tech & growth stocks lose over $1 trillion in market
capitalization since Fed hike in May Link

Reporting by Amruta Khandekar and Devik Jain in Bengaluru;
Editing by Sriraj Kalluvila

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