* Sept pvt sector jobs data better than expected
* Yellen scheduled to speak later in the day
* Ralph Lauren jumps after CEO says stepping down
* Western Digital jumps after Unisplendour investment
* Futures up: Dow 186 pts, S&P 24 pts, Nasdaq 60 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar and Tanya Agrawal
Sept 30 (Reuters) - Wall Street looked set to open higher on Wednesday after data showed that the U.S. private sector added more jobs than expected in September, raising hopes of a strong reading in the government’s payrolls report due Friday.
The ADP National Employment Report showed that private employers added 200,000 jobs in September, up from 186,000 in August. Economists polled by Reuters had expected an addition of 194,000 jobs.
The Federal Reserve, which kept interest rates unchanged earlier this month, has said it needs to see more improvement in the labor market and be confident that inflation will increase before raising rates. Inflation remains below the Fed’s 2 percent target.
“The ADP numbers were consistent with what we’ve been seeing in the last few months with the labor market continuing to tighten,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
“It’s only a matter of time before the Fed raises rates but I don’t think that will happen in October.”
Investors will look for clues on the timing of a rate hike when Fed Chair Janet Yellen and St. Louis Fed President James Bullard speak at a conference in St. Louis later on Wednesday.
Yellen said last week the central bank remained on track to raise rates this year. The Fed meets next on Oct. 27-28.
S&P 500 e-minis were up 23.75 points, or 1.27 percent, with 248,374 contracts traded at 8:18 a.m. Nasdaq 100 e-minis were up 60.25 points, or 1.48 percent, on volume of 40,376 contracts. Dow e-minis were up 186 points, or 1.17 percent, with 36,617 contracts changing hands.
U.S. stocks mostly closed higher on Tuesday after nearing August lows, helped by a bounce in healthcare stocks, with the S&P 500 snapping a 5-day losing streak.
Investors, worried about a slowing global economy, will be keen to put a bruising quarter behind them and look ahead to third-quarter earnings season, which begins next week.
Although the market’s recent rout, triggered by fears of slowing growth in China, has forced many strategists to slash year-end expectations, a Reuters poll shows the S&P 500 is expected to end 2015 roughly 11 percent above current levels.
Chicago PMI data for September is forecast to have shrunk to 53.0 from 54.4 in August. The data is expected at 9:45 a.m.
Shares of Ralph Lauren were up 6.1 percent at $110.40 premarket after the fashion powerhouse said its founder and CEO was stepping down and being replaced by the head of Gap’s Old Navy division. Gap was down 6 percent at $28.40.
Western Digital jumped 11.5 percent to $77.40 after the data storage company said it would receive a $3.78 billion investment from Chinese infotech company Unisplendour. Peer Seagate rose 5.9 percent to $44.25.
Tesla was up 2.6 percent at $253.01 after the first delivery of its long-awaited Model X electric SUV. (Reporting by Abhiram Nandakumar and Tanya Agrawal; Editing by Saumyadeb Chakrabarty)