Wall St set to open up as investors shrug off weak jobs data

By Tanya Agrawal

(Reuters) - Wall Street was set to open higher on Wednesday as investors focused on healthy corporate earnings reports and a revival in dealmaking, shrugging off a rout in the global bond market and weaker-than-expected U.S. private jobs data.

ADP payroll data showed private employers added 169,000 jobs last month, the fewest since January 2014 and far below economists' expectations, which does not bode well for the more comprehensive non-farm payrolls report.

"This is certainly going to change expectations for Friday's numbers," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.

"Some people think that the Fed will now delay raising rates."

Federal Reserve Chair Janet Yellen will speak at a conference later in the day and markets will be sensitive to any cues on the timing of a rate hike. The Fed hasn't raised rates in about a decade.

U.S. stocks finished sharply lower on Tuesday after a surprisingly wide March U.S. trade deficit raised concerns that the economy shrank in the first quarter.

S&P 500 e-mini futures were up 4.5 points and their fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a higher open.

Dow Jones industrial average e-mini futures rose 52 points and Nasdaq 100 e-mini futures added 0.5 points.

Energy stocks got a boost as oil prices rose more than a dollar to fresh 2015 highs, as a month-long rally gained further impetus from a fall in U.S. crude stocks and conflict in the Middle East.

MoneyGram soared 26.9 percent to $9.90 in premarket trading after Bloomberg reported that Western Union was considering buying its smaller rival. Western Union was up 5 percent at $22.

Herbalife jumped 14.7 percent to $45.97 after the weight-loss and nutritional products maker raised its full-year profit forecast.

Synageva BioPharma soared 125.3 percent to $216 after Alexion offered to buy the company at a 135.7 percent premium to Tuesday's close. Alexion was down nearly 5 percent at $160.20.

Wendy's rose 5.9 percent to $11.05 after the No.3 U.S. burger chain reported better-than-expected same-restaurant sales.

EA gained 5.1 percent to $62.17 after posting better-than-expected results, helped by strong digital sales and the release of "Battlefield Hardline".

MetLife, Prudential and TripAdvisor are scheduled to report results after the bell.

(Reporting by Tanya Agrawal; Editing by Savio D'Souza)