US STOCKS-Wall St set to open higher as grim jobs data fuels stimulus hopes

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* Pfizer extends losses on vaccine supply concerns
* S&P 500, Dow set to close out fourth weekly rise in five
* Futures up: Dow 0.4%, S&P up 0.3%, Nasdaq 0.2%

(Adds comment, updates prices)
By Shriya Ramakrishnan and Medha Singh
Dec 4 (Reuters) - Wall Street's main indexes were set to
open near all-time highs on Friday as worse-than-expected jobs
growth in November spurred bets of a new fiscal stimulus package
to help lift the economy from its worst downturn in decades.
Nonfarm payrolls increased by 245,000 last month after
rising by 610,000 in October, the Labor Department said on
Friday. That was the smallest gain since the jobs recovery
started in May. "For now, the job market recovery is over until the winter
wave of COVID-19 is behind us," said James McDonald, CEO and
chief investment officer of Hercules Investments, based in Los
Angeles.
"Whether or not we see a double-dip recession in the U.S.
depends on the interplay between the severity of the shutdowns
and their impact on the economy over the winter and the size of
potential stimulus from Congress and the Federal Reserve."
A $908 billion stimulus plan gained momentum in Congress on
Thursday after a months-long standoff between Republicans and
Democrats over aid for businesses and millions of people
affected by virus-led shutdowns. The two parties also face a Dec. 11 deadline to pass a $1.4
trillion budget or risk a shutdown of the
government. "The market is going to be focused on the progress that is
being made on the aid package. We are getting very close... I
wouldn't be surprised to see some sort of deal, as early as
Monday," said Peter Cardillo, chief market economist at Spartan
Capital Securities in New York.
At 08:51 a.m. ET, Dow E-minis 1YMcv1 were up 124 points,
or 0.41%, S&P 500 E-minis EScv1 were up 12.25 points, or
0.33%. Nasdaq 100 E-minis NQcv1 were up 23.5 points, or 0.19%.
Positive vaccine updates from major drugmakers have eased
worried around grim economic data and a surge in infections,
setting the Wall Street's main indexes for another week of gains
after the benchmark S&P 500 .SPX clocked its best November.
The United States set single-day records for new infections
and deaths on Thursday, with California's governor saying he
would impose some of the nation's strictest stay-at-home orders
in the coming days. Growing confidence that a working COVID-19 vaccine would be
administered before the end of the year pushed the hardest-hit
airlines and tourism sectors higher.
Shares of U.S. carriers and cruise lines including American
Airlines AAL.O , Norwegian Cruise Line NCLH.N and Carnival
Corp CCL.N were up between 2.4 and 4% in premarket trade.
Oil majors Occidental Petroleum Corp OXY.N and Chevron
Corp CVX.N rose about 1.5% each premarket, boosted by a rise
in crude prices as major producers agreed on a compromise on
supply. O/R
Drugmaker Pfizer PFE.N dipped 0.4%, extending declines
from the previous session when it flagged challenges in supply
chain for raw materials used in its COVID-19 vaccine.
Pfizer's vaccine has already been approved by regulatory
authorities in Britain, while the U.S. Food and Drug
Administration is expected to take a decision after an advisory
panel meeting on Dec. 10. Ulta Beauty ULTA.O shed about 4% as the cosmetic retailer
forecast holiday quarter comparable store sales to fall 12% to
14%.