US STOCKS-Wall St set to open higher after solid results from Lowe's, Target

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* Momenta soars after $6.5 bln buyout deal from J&J
* Target, Lowe's gain after better-than-expected results
* Futures: Dow up 0.13%, S&P up 0.08%, Nasdaq down 0.18%

(Adds quote, updates prices)
By Medha Singh
Aug 19 (Reuters) - Futures pointed to slim opening gains for
Wall Street's main indexes on Wednesday following results from
retailers Target and Lowe's that trounced estimates, a day after
the S&P 500 completed its fastest recovery from a bear market in
history.
Big-box chain Target Corp TGT.N jumped 8.0% in premarket
trade after posting its best quarterly comparable sales growth
and online revenues that nearly tripled. Home improvement chain Lowe's Companies Inc LOW.N rose
2.6% after beating estimates for quarterly same-store sales as
it benefited from a surge in demand for its products from
consumers stuck indoors. Its larger rival Home Depot Inc HD.N and retail behemoth
Walmart Inc WMT.N reported similar results on Tuesday.
"These earnings are reflecting the reopening of the economy
and the stimulus cheques," said Peter Cardillo, chief market
economist at Spartan Capital Securities in New York.
"This quarter might be a different story, unless you get
stimulus cheques to come within the next few weeks, but that
doesn't seem feasible at this time."
Hopes of another round of fiscal coronavirus aid, after
enhanced unemployment benefits expired last month, have been
driving U.S. stocks higher. But Democrats and Republicans still
remain far apart on key issues of the legislature.
Still, the S&P 500 closed at a record high on Tuesday,
completing a recovery from a dramatic pandemic-led sell-off. The
Nasdaq, the first of the three main indexes to confirm a bull
market in June, also closed at an all-time high.
The Dow is still nearly 6% below February's record closing
high.
"Either you read this as a sign that the market could go a
lot higher as we enter a cyclical bull market with lots of cash
sitting on the sidelines still to pour into value," said Neil
Wilson, chief market analyst at Markets.com in London.
"Or you worry that this is a Fed-fueled tech bubble with
forward earnings multiples looking enormously stretched."
While trillions of dollars in fiscal and monetary support
and a rally in tech-related shares have helped the benchmark
surge about 55% from its March lows, the country's battered
economy is still far from the pre-pandemic levels.
Minutes from Federal Reserve's meeting, set for release at 2
p.m. ET (1800 GMT), could offer clues into the policymaker's
view of the economy and its actions in September.
The market's focus is also expected to shift to U.S.
presidential elections, which is about 11 weeks away. Democrats
on Tuesday formally nominated Joe Biden for president. The
Republican National Convention is slated for next week.
At 8:13 a.m. ET, Dow e-minis 1YMcv1 were up 35 points, or
0.13%, S&P 500 e-minis EScv1 were up 2.75 points, or 0.08%,
while Nasdaq 100 e-minis NQcv1 were down 20.5 points, or
0.18%.
Johnson & Johnson JNJ.N said it would buy Momenta
Pharmaceuticals Inc MNTA.O for about $6.5 billion in cash to
bolster its portfolio of treatments for autoimmune diseases.
Shares of Momenta soared 69.3%. Gilead Sciences Inc GILD.O fell 4.2% after the U.S. Food
and Drug Administration refused to approve its experimental
treatment for rheumatoid arthritis in its current form.
Chipmaker Nvidia Corp NVDA.O inched up ahead of its
quarterly results after the bell.