CORRECTED-US STOCKS-Futures higher on drop in new coronavirus cases

(Removes reference to CPI data)
* Futures up: Dow 0.41%, S&P 0.36%, Nasdaq 0.47%

By Medha Singh
Feb 12 (Reuters) - U.S. stock index futures rose 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 virus outbreak 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. Still, 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 Nasdaq .IXIC hit record closing
highs on Tuesday.
At 7:08 a.m. ET, Dow e-minis 1YMcv1 were up 120 points, or
0.41%. S&P 500 e-minis EScv1 were up 12.25 points, or 0.36%
and Nasdaq 100 e-minis NQcv1 were up 45.25 points, or 0.47%.
Among stocks, oil major Exxon Mobil Corp XOM.N and Chevron
Corp CVX.N gained more than 0.9% and 0.8% each as oil prices
surged. O/R
Chipmaker Micron Technology Inc MU.O gained 2.3% after UBS
raised the rating on its shares to "buy", while Wynn Resorts Ltd
WYNN.O advanced 3% on reports Bank of America Global Research
upgraded its shares to "buy".
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.