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* Energy firms rise as oil prices gain
* Apple supplier Skyworks gains on upbeat Q2 results
* Futures up: Dow 1.06%, S&P 500 1.06%, Nasdaq 1.19% (Adds comments, details, updates price action throughout)
By Medha Singh
May 5 (Reuters) - U.S. stock index futures rose 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 that drove Exxon Mobil Corp and Chevron Corp about 2% higher in premarket 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 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 that 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.
With more than half of 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 7:27 a.m. ET, Dow e-minis were up 250 points, or 1.06%. S&P 500 e-minis were up 30 points, or 1.06% and Nasdaq 100 e-minis were up 104.75 points, or 1.19%.
Apple supplier Skyworks Solutions gained 1.5% after reporting upbeat quarterly results but warned of a hit from the pandemic in the current quarter.
L Brands Inc plunged 8.4% after the company called off the sale of its majority stake in Victoria’s Secret lingerie business to buyout firm Sycamore.
Pfizer rose about 3% after it announced that its venture with German partner had started delivering doses of its experimental coronavirus vaccines for human testing in the United States.
On the economic calendar, ISM’s survey of the non-manufacturing sector is due for release at 10 a.m. ET. (Reporting by Medha Singh and Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva and Saumyadeb Chakrabarty)