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* Cruise liners, airlines set to lead rebound in stocks
* Oracle gains as results top estimates
* Futures up: Dow 5.26%, S&P 5.10%, Nasdaq 5.65%
(Adds details; Updates prices)
By Sanjana Shivdas
March 13 (Reuters) - Wall Street was set for a strong
rebound on Friday, with the Dow on course to jump nearly 1,000
points at the open as investors hoped more fiscal easing would
head off a global recession.
After the worst daily selloff in more than three decades on
Wall Street, airlines, cruise liners and energy stocks were set
to recover ground on optimism that U.S. Democrats and
Republicans could announce a stimulus package by Friday.
The Dow and the S&P 500 indexes, which had crashed almost
10% on Thursday, are still down over 25% from record highs hit
mid-February and headed for their worst week since the financial
crisis.
Policy easing by central banks in Asia lifted equities and
bond yields in early trading on Friday, sending shares of major
U.S. banks including Bank of America Corp BAC.N , Citigroup Inc
C.N and JPMorgan Chase & Co JPM.N up between 7.5% and 11%.
"What we're headed for is a market that should begin to
settle down (with) investors now expecting the government to get
the economic plan in place and get it into law," said Peter
Cardillo, chief market economist at Spartan Capital Securities
in New York.
Travel stocks, which have borne the brunt of the selloff,
were set to rise, with cruise operators Carnival Corp CCL.N ,
Royal Caribbean RCL.N and Norwegian Cruise Line Holdings
NCLH.N up between 22.7% and 34.1%.
United Airlines UAL.O rose 10.6% a day after losing a
quarter of its value as the travel disruptions forced it to draw
down $2 billion of existing cash reserves.
Energy companies .SPNY , which suffered their worst
four-day declines on record due to a plunge in oil prices, were
tracking crude price higher. O/R
Oil majors Exxon Mobil XOM.N and Chevron Corp CVX.N also
rose more than 4%, while Occidental Petroleum Corp OXY.N ,
Halliburton Co HAL.N , Apache Corp APA.N jumped more than
At 8:59 a.m. ET, Dow e-minis 1YMcv1 were up 1,110 points,
or 5.26%. S&P 500 e-minis EScv1 were up 126 points, or 5.1%
and Nasdaq 100 e-minis NQcv1 were up 407.5 points, or 5.65%.
Among individual movers, software company Oracle Corp
ORCL.N jumped 11.8% after topping quarterly profit and revenue
expectations and flagging a "minimal impact" from the virus
outbreak on fourth-quarter revenue. Gap Inc GPS.N climbed 7.1% as it forecast 2020 profit
above market expectations. It also flagged a $100 million sales
hit in Asia and Europe from the coronavirus outbreak.