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Major indexes set to snap five-day losing streak

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Rate-sensitive tech, growth stocks shine

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Sharp rebound in oil prices boost energy firms

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Futures up: Dow 1.13%, S&P 1.42%, Nasdaq 1.67%

Sept 27 (Reuters) - Wall Street was headed for a higher open on Tuesday after five sessions of relentless selling on worries of a rate-hike induced economic slowdown, which saw its main indexes slip deeper into a bear market.

Rate-sensitive growth shares led the advance in premarket trading, a day after the Dow Jones Industrial Average confirmed it has been in a bear market since early January.

Amazon.com Inc, Apple Inc, Microsoft Corp , Meta Platforms Inc and Tesla Inc, rose between 1.4% and 2.6% as the U.S. 10-year Treasury yield eased from more than a decade high.

"We could see a near-term bottom," said Jason Pride, chief investment officer for private wealth at Glenmede, adding that certain technical indicators still showed a strong negative sentiment, suggesting that the market is a bit oversold.

"But that bottom may be more of a bear market rally similar to the one experienced earlier this summer."

The benchmark S&P 500 index has since relinquished the last of its gains made in a summer rally.

At 8:35 a.m. ET, Dow e-minis were up 333 points, or 1.13%, S&P 500 e-minis were up 52.25 points, or 1.42%, and Nasdaq 100 e-minis were up 189.25 points, or 1.67%.

Concerns about corporate profits coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks.

Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022. For the third quarter, overall S&P 500 earnings are seen rising just 4.6% year-over-year, compared with the 11.1% growth expected at the start of July.

Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation.

Chicago Fed President Charles Evans said the central bank will need to raise interest rates by at least another percentage point this year, highlighting the Fed's combative stance to quash too-high inflation.

Analysts at Wells Fargo now see the U.S. central bank taking its target range for the Fed funds rate to 4.75%-5.00% by the first quarter of 2023.

Oil stocks got a shot in the arm following a sharp recovery in crude prices, with Exxon Mobil Corp and Chevron Corp up about 1.5% each.

Moderna Inc gained 1.5% after the U.S. Food and Drug Administration on Monday authorized an additional five batches of the vaccine maker's updated COVID-19 booster shots made at Catalent facility in Indiana. (Reporting by Susan Mathew, Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Anil D'Silva and Shounak Dasgupta)