US STOCKS-Wall St set for higher open as new coronavirus cases drop

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* CVS Health gains after quarterly profit beat
* Micron Technology gains on UBS upgrade
* Exxon Mobil, Chevron rise as oil prices surge
* Futures up: Dow 0.47%, S&P 0.39%, Nasdaq 0.47%

(Adds comment, details; Updates prices)
By Medha Singh
Feb 12 (Reuters) - Wall Street was set to open near record
highs on Wednesday after a drop in the number of new cases of
coronavirus infections in China raised hopes that the economic
fallout from the outbreak would be contained.
China on Wednesday reported its lowest number of new
coronavirus cases since January, lending weight to a prediction
by its top medical adviser for the outbreak to end by April,
even as the death toll in the country rose to more than 1,100
people. However, it was still unclear to what extent economic growth
would take a hit from the fast-spreading virus that has killed
more than 1,100 people, shuttered businesses in China and roiled
financial markets late January.
Most experts believe China faces a short but sharper
economic shock than originally thought, one that will be felt
around the world. "The estimates for the hit to the Chinese economy is very
wide ranging, but mostly there's optimism the impact to the U.S.
economy is going to be minimal," said Randy Frederick, vice
president of trading and derivatives for Charles Schwab in
Austin, Texas.
"Ultimately if the case count growth rate continues to slow,
this optimism continues."
The benchmark S&P 500 has climbed more than 4.5% from late
January lows as largely positive fourth quarter earnings,
encouraging U.S. economic data and stimulus from China spurred a
demand for risk despite concerns about the virus outbreak.
The S&P 500 .SPX and the Nasdaq .IXIC hit record closing
highs on Tuesday.
At 8:48 a.m. ET, Dow e-minis 1YMcv1 were up 138 points, or
0.47%. S&P 500 e-minis EScv1 were up 13 points, or 0.39% and
Nasdaq 100 e-minis NQcv1 were up 45.25 points, or 0.47%.
CVS Health Corp CVS.N rose 1.8% as the drugstore chain
posted a better-than-expected quarterly profit. Micron Technology Inc MU.O gained 2.9% after UBS raised
the rating on the chipmaker's shares to "buy", while Wynn
Resorts Ltd WYNN.O advanced 2.7% after Bank of America Global
Research upgraded its shares to "buy".
Among stocks, oil major Exxon Mobil Corp XOM.N and Chevron
Corp CVX.N gained about 1% each as oil prices surged. O/R
Markets will also closely follow remarks from U.S. Federal
Reserve Chair Jerome Powell as he resumes the second day of his
semiannual economic report to the Congress.