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US STOCKS-S&P 500, Dow eye record open; materials, energy stocks rise

Stock MarketsMay 10, 2021 21:10
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(For a Reuters live blog on U.S., UK and European stock
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* Energy stocks rise on U.S. fuel supply disruption fears
* FireEye gains in wake of cyber attack on Colonial Pipeline
* Futures: Dow up 0.35%, S&P rises 0.13%, Nasdaq dips 0.28%

(Adds comment, details; updates prices)
By Medha Singh and Sruthi Shankar
May 10 (Reuters) - The S&P 500 and the Dow were set to open
at record highs on Monday as optimism that interest rates would
remain lower for longer lingered, while a surge in commodity
prices lifted shares of miners, energy and steel companies.
Copper miner Freeport-McMoran FCX.N rose 3.4% in premarket
trading, while aluminum producer Alcoa AA.N gained 3.4% and
steelmaker United States Steel Corp X.N was up 2.4% as copper
prices touched a record high and aluminum scaled a new peak.
MET/L
Chevron Corp CVX.N , Occidental Petroleum Corp OXY.N and
Exxon Mobil Corp XOM.N firmed about 1% after a cyber attack on
top U.S. pipeline operator Colonial Pipeline shuttered fuel
network that transports nearly half of the East Coast's
supplies, lifting oil prices. O/R
Cybersecurity firm FireEye FEYE.O jumped about 5% as
industry sources said the company was among those helping
Colonial Pipeline to recover from one of the most disruptive
digital ransom schemes reported. "A lot of the inflation fears are overdone," said Scott
Brown, chief economist at Raymond James in St. Petersburg,
Florida.
"There is a big difference between commodity price and
inflation at the consumer level. It generally takes a gigantic
increase in prices of raw materials to even have a tiny effect
on consumer price index."
The S&P 500 and the Dow ended at record closing highs on
Friday as an unexpected slowdown in monthly jobs growth fueled
bets that the U.S. Federal Reserve would remain accommodative
for longer.
With latest economic reports depicting that the U.S. economy
is not recovering at the explosive pace as previously forecast,
inflation numbers and retail sales data this week could chart
the next course for U.S. equities.
"Markets are certainly priced to perfection here. We're
likely to see some back and forth," Brown added.
At 8:36 a.m. ET, Dow e-minis 1YMcv1 were up 123 points, or
0.35% and S&P 500 e-minis EScv1 were up 5.5 points, or 0.13%.
Nasdaq 100 e-minis NQcv1 were down 38.25 points, or 0.28%
as megacap technology-related stocks resumed their slide from
last week. Facebook Inc FB.O , Tesla Inc TSLA.O and Alphabet
Inc GOOGL.O shed between 0.7% and 1.2%.
Tyson Foods Inc TSN.N gained 0.7% beat second-quarter
revenue estimates as the U.S. meat processor benefited from
strong demand for its chicken products from reopened restaurants
and hotels across the country. The earnings season is in its final stretch with about 87.2%
of 439 S&P 500 companies beating estimates for profit, according
to Refinitiv data. Analysts expect overall first-quarter
earnings to jump 50.4% from a year ago, their strongest growth
rate since 2010.

US STOCKS-S&P 500, Dow eye record open; materials, energy stocks rise
 

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