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Company News

US STOCKS-S&P 500, Nasdaq set to open higher after upbeat economic data

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Tapestry jumps after earnings beat estimates

* Pinterest soars after results, lifting social media cos

* Apple, Amazon, Alphabet, Facebook rise ahead of results

* Futures: Dow dips 0.07%, S&P up 0.18%, Nasdaq up 0.57% (Adds comment, details updates prices)

Oct 29 (Reuters) - The S&P 500 and Nasdaq were set to open higher on Thursday after data showed domestic economy grew at an unrivaled pace in the third quarter as the government poured out more than $3 trillion worth of pandemic relief.

A separate set of data showed weekly unemployment claims fell more than expected in the latest week.

The CBOE volatility index, however, hovered at a 15-week high as the White House coronavirus task force urged for aggressive measures to curb the spread of the disease and on anxiety over the outcome of the Nov. 3 presidential election.

Democratic challenger Joe Biden holds a comfortable lead over President Donald Trump in national polls, but the race in battleground states that will likely decide the election are tighter than the national surveys.

Stalled efforts in Washington over fresh stimulus and an alarming rise in COVID-19 cases globally have put Wall Street’s main indexes on course for their worst week since March.

“People are worried that the shutdown in Europe is going to spread to the United States although I think the chances of another national shutdown are extremely low,” said Robert Pavlik, senior portfolio manager in New York.

At 8:46 a.m. ET, Dow e-minis were down 19 points, or 0.07% and S&P 500 e-minis were up 6 points, or 0.18%.

Nasdaq 100 e-minis were up 63.75 points, or 0.57% as heavyweights Apple Inc, Amazon.com Inc and Alphabet Inc rose about 1% in premarket trading ahead of their results after the closing bell.

Facebook Inc, which also reports later in the day, gained 3.7%, riding on Pinterest Inc’s upbeat forecast for sales growth that highlighted a rebound in ad spending.

Shares of the image-sharing company soared over 32.8%, also driving gains of 1.3% in Snap Inc and 6.8% in Twitter Inc.

Coach owner Tapestry Inc jumped 10% after it beat quarterly results estimates and forecast growth for the year as demand for luxury handbags and apparel rebounds in China from pandemic lows. (Reporting by Medha Singh and Shivani Kumaresan in Bengaluru; Editing by Anil D’Silva)

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