US STOCKS-Wall St set to gain on rebound hopes despite jump in virus cases

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* Biogen submits marketing application for Alzheimer's drug
* Levi Strauss falls after cautious H2 outlook
* Allstate slips on $4 bln deal to buy National General
* Futures up: Dow 0.14%, S&P 0.19%, Nasdaq 0.44%

(Adds quote; details; updates prices)
By C Nivedita and Medha Singh
July 8 (Reuters) - Wall Street's main indexes were set to
open slightly higher in choppy trade on Wednesday as investors'
faith in an economic recovery wobbled on the back of the surge
in coronavirus caseloads across the country.
Safe-haven gold caught a bid as the number of confirmed U.S.
cases surpassed 3 million, affecting nearly one of every 100
Americans. California, Hawaii, Idaho, Missouri, Montana,
Oklahoma and Texas shattered their previous daily record highs
for new infections. GOL/
"The market probably is going to have a sideways trading
affair today ... investors are beginning to pay more attention
to the rising numbers of new cases and the potential problems
that could cause for the recovery," said Peter Cardillo, chief
market economist at Spartan Capital Securities in New York.
"If gold continues to move higher, that's a sign that more
and more people are beginning to hedge against risk and it could
begin to weigh on equities."
The Nasdaq notched an intraday record high on Tuesday but
all the three main stock indexes finished lower as investors
booked profits following a strong run after a batch of upbeat
data strengthened the case for a bounce back in economy.
The surge, which has forced authorities to scale back on
reopening plans in parts of the country, is only expected to
delay economic recovery so far, according to market experts,
while their longer-term expectations of growth remain intact.
At 7:59 a.m. ET, Dow e-minis 1YMcv1 were up 36 points, or
0.14%. S&P 500 e-minis EScv1 were up 6 points, or 0.19% and
Nasdaq 100 e-minis NQcv1 were up 46 points, or 0.44%.
Biogen Inc BIIB.O jumped 6.9% in premarket trading after
the company said it submitted the marketing application for its
experimental Alzheimer's disease therapy, aducanumab, to the
U.S. Food and Drug Administration. Allstate Corp ALL.N slipped 2.6% as the U.S. insurer said
it would buy National General Holdings Corp NGHC.O for about
$4 billion in cash, scaling up its auto insurance business at a
time when the coronavirus has crushed traffic on roads and
reduced claims. Levi Strauss & Co LEVI.N fell about 5% as the denim
apparel maker cautioned its business would be hit in the second
half of the year, even as its sales have been improving at its
reopened stores.