US STOCKS-Wall St set to jump on oil gains, easing of lockdowns

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* Energy firms rise as oil prices gain
* Apple supplier Skyworks gains on upbeat Q2 results
* Futures up: Dow 1.29%, S&P 500 1.28%, Nasdaq 1.36%

(Adds comments, updates price action)
By Medha Singh and Shreyashi Sanyal
May 5 (Reuters) - U.S. stock indexes were set to rise at the
open on Tuesday as oil prices staged a recovery and a slew of
countries eased coronavirus-led restrictions in an attempt to
revive their economies.
Some hard-hit countries, including Italy, as well as a
handful of U.S. states are tentatively easing stay-at-home
orders this week, raising hopes for a recovery in oil demand.
Exxon Mobil Corp XOM.N and Chevron Corp CVX.N gained about
3% in pre-market trading.
Wall Street's main indexes snapped their two-day losing
streak on Monday as gains in large tech and internet companies
and oil prices outweighed concerns about the latest U.S.-China
spat and downbeat sentiment from the annual meeting of Warren
Buffett's Berkshire Hathaway. The S&P 500 .SPX has climbed about 30% from its March lows
on the back of unprecedented stimulus measures and signs of a
plateau in new COVID-19 cases in many areas.
"There's a growing sense that the worst for the global
economy is right now, while lockdowns are in place and
coronavirus treatments are unproven," said Jasper Lawler, head
of research at London Capital Group.
"It follows that it only gets better from here as lockdowns
ease and treatments are found."
However, many market experts have warned the rally could be
tested amid a risk of another wave of virus infections and with
growing evidence of the damage to the economy and corporate
America.
ISM's survey of the non-manufacturing sector in April is due
for release at 10 a.m. ET. The Labor Department's reading of the
monthly nonfarm payrolls data will be out on Friday.
"It's all about the mood swings and hopes of the economies
reopening. But the problem is this could change once we get to
see some of the hard numbers, especially the employment report,"
said Peter Cardillo, chief market economist at Spartan Capital
Securities in New York.
With more than half of the S&P 500 companies reporting so
far, first-quarter earnings are expected to have fallen 12.5%,
with analysts expecting an earnings recession by the second
quarter, according to Refinitiv data.
At 8:49 a.m. ET, Dow e-minis 1YMcv1 were up 303 points, or
1.29%. S&P 500 e-minis EScv1 were up 36.25 points, or 1.28%
and Nasdaq 100 e-minis NQcv1 were up 120 points, or 1.36%.
Apple supplier Skyworks Solutions Inc SWKS.O gained 2.4%
after reporting upbeat quarterly results, but warned of a hit
from the pandemic in the current quarter. L Brands Inc LB.N dropped 3.7% after the company called
off the sale of its majority stake in Victoria's Secret lingerie
business to buyout firm Sycamore. Pfizer Inc PFE.N rose about 1.8% after it announced that a
venture with its German partner had started delivering doses of
its experimental coronavirus vaccines for human testing in the
United States.