US STOCKS-Wall Street set to rebound with focus on White House race

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Estee Lauder rises after results beat
* Nielsen up on plans to sell a unit for $2.7 bln
* Tech mega-caps bounce from steep selloff on Friday
* Futures up: Dow 1.50%, S&P 1.22%, Nasdaq 0.87%

(Adds comment, details; updates prices)
By Medha Singh and Shivani Kumaresan
Nov 2 (Reuters) - Wall Street's major indexes were set to
bounce back on Monday after their steepest weekly loss since
March as investors geared up for an event-packed week centered
around the U.S. presidential election.
Market participants expect short-term trading turmoil and
major long-term policy shifts related to taxes, government
spending, trade and regulation depending on whether President
Donald Trump or his Democratic challenger Joe Biden wins the
White House race.
Biden is ahead in national opinion polls, but races are
tight in battleground states that could tip the election to
Trump. Analysts said the outcome most likely to shake equity
markets in the near term would be no immediate outcome at all on
Tuesday night. "Traders are trying to position themselves to the idea that
just having a result will be good for the market," said Rick
Meckler, a partner at Cherry Lane Investments in New Vernon, New
Jersey.
Investors betting on a Biden administration, which is
expected to deliver a massive fiscal stimulus and promote green
energy, have fueled a rally in solar stocks, industrials and
small-cap names in recent weeks. On the other hand, JP Morgan lists Bank of America BAC.N ,
Wells Fargo WFC.N and Citigroup C.N in its "Trump basket" of
stocks. Shares of the Wall Street lenders were up about 1% in
premarket trading.
The S&P 500 ended a turbulent week at near six-week lows on
Friday after quarterly reports from technology mega-caps failed
to impress and on surging coronavirus cases in the United States
and Europe.
The CBOE volatility index .VIX , known as Wall Street's
fear gauge, inched lower on Monday after ratcheting up to near
five-month highs last week.
Focus this week will also be on the Federal Reserve's
two-day policy meeting, the monthly jobs report and earnings
from about a quarter of the S&P 500 companies, including
chipmaker Qualcomm QCOM.O , carmaker General Motors GM.N and
insurer American International Group Inc AIG.N .
At 8:43 a.m. ET, Dow e-minis 1YMcv1 were up 397 points, or
1.5%, S&P 500 e-minis EScv1 were up 39.75 points, or 1.22%,
and Nasdaq 100 e-minis NQcv1 were up 95.75 points, or 0.87%.
Apple Inc AAPL.O , Facebook Inc FB.O and Amazon.com Inc
AMZN.O rose between 1% and 1.7% after falling sharply in the
previous session.
Estee Lauder Cos Inc EL.N rose 4.7% after the cosmetics
company beat estimates for quarterly results, benefiting from
strong Chinese demand and a surge in online orders for its
skincare products. Market research firm Nielsen Holdings Plc NLSN.N gained
6.2% on plans to sell its consumer goods data unit for $2.7
billion to private equity firm Advent International.