US STOCKS-Wall Street set for record open on stimulus, recovery bets
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* Bank, energy stocks gain on prospects of more stimulus
* AutoNation rises after strong quarterly profit
* Futures up: Dow 0.52%, S&P 0.45%, Nasdaq 0.48%(Adds comment; updates market prices)
By Devik Jain
Feb 16 (Reuters) - Wall Street's main indexes were set toopen at all-time highs on Tuesday, with investors piling intoeconomically sensitive stocks on hopes of more fiscal aid tolift the world's biggest economy from a coronavirus-drivenslump.
Morgan Stanley, Goldman Sachs, JPMorgan Chase& Co, Citigroup Inc and Bank of America Corprose about 1.7% each in premarket trading as 10-yearU.S. Treasuries touched their highest since lateMarch.
Oil stocks ExxonMobil Corp, Marathon Oil,Devon Energy Corp and shale-focused player OccidentalPetroleum Corp gained between 2.5% and 5.6% after oilprices jumped to a 13-month high.
"The cyclical trade is off to the races, which is a sign ofa brand new business cycle, a brand new recovery and of fastergrowth to come," said Thomas Hayes, chairman of hedge fund GreatHill Capital Llc in New York.
"Even if the market was going sideways or only modestlyhigher, we could see material rallies under the surface in thoselaggard groups from last year and that's going to be a huge playthis year."
The benchmark S&P 500 and the blue-chip Dow scaled new highslast week as investors swapped growth-oriented stocks includingtechnology, which led Wall Street's recovery from aCOVID-19-induced crash last year, for under-priced value stocksthat are poised to benefit from economic growth.
The S&P value index, which includes banks, energy andindustrial sectors, has risen 6% in the past two weeks, slightlyoutperforming the growth index, which is skewed moretoward technology.
Further lifting sentiment, President Joe Biden is pushingahead with his plan to pump an extra $1.9 trillion in stimulusinto the economy.
By 8:13 a.m. ET, Dow e-minis were up 163 points, or0.52%, S&P 500 e-minis were up 17.75 points, or 0.45%,and Nasdaq 100 e-minis were up 66.25 points, or 0.48%.
A largely upbeat fourth-quarter earnings season has alsoreinforced hopes of a quick business recovery this year.
This week's earnings reports from Hilton Worldwide HoldingsInc, Hyatt Hotels Corp, Marriott International Inc, Norwegian Cruise Lines and TripAdvisor Incwill be closely watched for signs of a pickup in globaltravel demand.
Shares of cryptocurrency and blockchain-related firmsincluding Silvergate Capital Corp, Riot Blockchainand Marathon Patent Group jumped between 7.9%and 10.5% as bitcoin crept toward $50,000.
AutoNation Inc added 1.8% after it reported an 88%surge in quarterly adjusted profit as the largest U.S. autodealership chain earned more per vehicle thanks to tightinventories and robust demand for SUVs and trucks.
Southwest Airlines Co rose 2.1% after the carrierforecast slower cash burn in current quarter as leisure bookingsand demand improve in Feb.
Focus this week is also on the minutes from the FederalReserve's January meeting, where it reaffirmed its pledge tomaintain a dovish policy stance.(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru;Editing by Anil D'Silva)
