US STOCKS-Wall St set to open higher as trade optimism builds

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* Xerox rises on stake sale in Fuji Xerox
* Mylan gains as profit beats estimates
* Uber drops after bigger third-quarter loss
* Futures up: Dow 0.31%, S&P 0.24%, Nasdaq 0.27%

(Adds comment, updates market action)
By Arjun Panchadar
Nov 5 (Reuters) - Wall Street was set to open higher for the
fifth straight session on Tuesday, a day after all three major
U.S. stock indexes closed at record highs on rising hopes of a
trade truce between Washington and Beijing.
China is pushing President Donald Trump to remove more
tariffs as part of the "phase one" deal, which may be signed
this month, according to the latest reports. Trade-sensitive chipmakers, including Advanced Micro Devices
Inc AMD.O and Nvidia Corp NVDA.O , rose between 0.5% and 1.3%
in premarket trading. U.S.-listed Chinese stocks also looked set
to extend their gains.
"The main focus is to get this phase one trade deal, which
could happen this month," said Randy Frederick, vice president
of trading and derivatives for Charles Schwab in Austin, Texas.
"I do think the market can hold its ground until we get some
sort of a deal signed."
Gathering optimism around the resolution of the trade war,
along with a largely better-than-expected third-quarter earnings
season and an upbeat October jobs report have spurred a Wall
Street rally this month.
The S&P 500 and the Nasdaq closed at record highs for the
second consecutive session on Monday, while the Dow Jones hit a
record high for the first time since July.
Over three-quarters of the S&P 500 companies that have
reported results so far have beaten profit expectations,
Refinitiv data showed.
"The lion's share of the numbers have come in already and we
have had enough reports to suggest that this was a solid
earnings season," Frederick said.
Investor attention now shifts to the ISM's services data,
with economists expecting a rebound in business sentiment from a
three-year low. The report is due at 10 a.m. ET.
At 8:57 a.m. ET, Dow e-minis 1YMcv1 were up 86 points, or
0.31%. S&P 500 e-minis EScv1 were up 7.25 points, or 0.24% and
Nasdaq 100 e-minis NQcv1 were up 22.5 points, or 0.27%.
Among stocks, generic drugmaker Mylan NV MYL.O rose 1.3%
after beating estimates for third-quarter profit, benefiting
from drug launches such as Wixela and Fulphila. Adobe Inc ADBE.O rose 5.4% as the Photoshop software maker
raised its fourth-quarter digital media annualized recurring
revenue target. Shares of Xerox Holdings Corp XRX.N were up 6.2% after the
photocopier maker said it would sell its 25% stake in Fuji
Xerox, its joint venture with Fujifilm Holdings 4901.T , for
$2.3 billion. Uber Technologies Inc UBER.N fell 6.9% after the
ride-hailing service posted a bigger third-quarter loss as it
tried to outspend competitors through discounts. Burger chain Shake Shack Inc SHAK.N slumped 18% and was
set for its worst day ever after missing third-quarter
same-store sales estimates.