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US STOCKS-Wall St set for higher open as tech finds respite at end of torrid week

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Devik Jain and Shreyashi Sanyal
·2 min read
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(For a Reuters live blog on U.S., UK and European stockmarkets, click LIVE/ or type LIVE/ in a news window)

* Tech-related stocks edge higher

* Uber falls after losing UK case on worker rights

* Futures up: Dow 0.26%, S&P 0.41%, Nasdaq 0.59%(Adds comments, bullets, background; Updates prices throughout)

By Devik Jain and Shreyashi Sanyal

Feb 19 (Reuters) - U.S. stock indexes were set to openhigher on Friday, as technology-related stocks rose after beingsold off for most parts of the week, while investors awaited areading on monthly business activity data.

Shares in Apple Inc, Tesla Inc, MicrosoftCorp and Facebook Inc rose between 0.5% and1.0%, after being subjected to selling pressure in the previousfew sessions.

"What we saw (this week) represents a market that is tiredand may not do very much. So we are headed for some sort of apullback, but I don't think we're there just yet," said PeterCardillo, chief market economist at Spartan Capital Securitiesin New York.

"Investors are not really pulling out of the market, butthey are becoming more cautious. It already has factored inanother good positive earnings season."

Concerns over higher stock market valuations and a potentialsnag in inoculation efforts have led to fears of a short-termpullback in equities.

BofA expects a more than 10% pullback in stocks, which aretrading at more than 22 times 12-month forward earnings, themost expensive since the dotcom bubble of the late 1990s.

The Dow Jones index was nearly flat for the week,while the benchmark S&P 500 and the tech-heavy Nasdaqwere tracking their first weekly declines this month.

Meanwhile, the IHS Markit's flash reading on manufacturingand services PMIs, due at 0945 a.m ET (1445 GMT), is expected toshow factory activity drifted lower in February.

Strong earnings, progress in vaccination roll-outs and hopesof a $1.9 trillion federal stimulus package helped U.S. stockindexes hit record highs at the start of the week.

At 8:25 a.m. ET, Dow e-minis were up 83 points, or0.26%, S&P 500 e-minis were up 16 points, or 0.41%, andNasdaq 100 e-minis were up 80.25 points, or 0.59%.

Ride-hailing service Uber Technologies Inc fell1.8% after Britain's Supreme Court ruled on Friday that a groupof Uber drivers are entitled to worker rights such as minimumwage.

Applied Materials Inc rose 5.5% after it forecastsecond-quarter revenue above market expectations, as demand forits semiconductor manufacturing tools picked up during a globalshortage of semiconductors.

Video-streaming device maker Roku Inc added 2%after it reported quarterly revenue above market expectations,thanks to an influx of cord-cutting subscribers dropping theircable packages for streaming services.(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru;Editing by Shounak Dasgupta)