* Turkey lira rebounds, stems slide in U.S. banks
* Home Depot gains on strong results, boosts Lowe’s
* Advance Auto Parts, Tapestry also rise after results
* Nvidia jumps on launch of new chip technology
* Futures up: Dow 0.31 pct, S&P 0.29 pct, Nasdaq 0.40 pct (Adds comments, details; updates prices)
By Amy Caren Daniel
Aug 14 (Reuters) - U.S. stocks were set to open higher on Tuesday on the back of healthy earnings reports and a recovery in Turkish currency, which snapped its free fall after three weeks of slide.
Turkey’s lira recovered after the country’s central bank moved to ease pressure on the currency, triggering a surge of as much as 7 percent to 6.4 per U.S. dollar.
Shares of the big six U.S. lenders were trading between flat and up 0.6 percent in premarket trading. The KBW bank index had slid for three sessions in a row, raking up losses of 3 percent, as investors fretted about banks’ exposure to Turkey.
“The Turkey currency crisis isn’t going to grow any bigger (and) the markets are good at pricing things like this,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.
“The spate of earnings today has people focusing back on what matters and that is U.S. economic data and earnings reports.”
Among the encouraging earnings reports was Home Depot , whose shares jumped 2.4 percent after the home improvement retailer beat analysts’ quarterly sales estimates and raised its full-year earnings forecast.
The report from Home Depot, a member of Dow Jones Industrial Average, sent the shares of smaller rival Lowe’s higher by 1.6 percent.
At 8:38 a.m. ET, Dow e-minis were up 77 points, or 0.31 percent. S&P 500 e-minis were up 8.25 points, or 0.29 percent and Nasdaq 100 e-minis were up 30 points, or 0.40 percent.
Advance Auto Parts jumped 6.3 percent after beating quarterly profit estimates and the company announced a new share buyback program.
Tapestry rose 5.1 percent after the company forecast full-year sales above analysts’ expectations on strong sales of its Kate Spade handbags.
The second-quarter earnings season is tapering down. Of the 455 companies in the S&P 500 that have reported so far, 79 percent have beaten analysts’ estimates, according to Thomson Reuters I/B/E/S.
As on Monday, technology stocks gained. “Tech has been the theme of the entire bull market run, and in times of concern they tend to take a little bit more of the front row seat,” said Antonelli.
The so-called FAANG group – Facebook, Apple, Amazon, Netflix and Google-parent Alphabet – were higher premarket.
Nvidia rose 1.6 percent after it rolled out its newest generation of chip technology. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)