November 26, 2018 / 1:51 PM / 2 years ago

US STOCKS-Wall St to open higher on Cyber Monday optimism, gains in oil

* Amazon gains 2 pct as Cyber Monday kicks off

* Higher oil prices lift shares of Exxon, Chevron

* Nvidia rises after brokerage starts with “outperform”

* Futures up: Dow 0.99 pct, S&P 1.07 pct, Nasdaq 1.49 pct (Adds comment, updates prices)

By Amy Caren Daniel

Nov 26 (Reuters) - Wall Street was set to open sharply higher on Monday, following a steep sell-off in the previous session, buoyed by easing oil prices and hopes of a robust sales in the holiday season. Shoppers who missed out on deals this past Black Friday are expected to flock to online sites on Cyber Monday, giving retailers a strong start to their make-or-break holiday season.

Shares of e-commerce giant Inc jumped 2.1 percent and eBay Inc gained 1.9 percent in premarket trading.

Other retailers, including Best Buy Inc, Walmart Inc and Target Corp, also rose around 1 percent each.

“We had a pretty miserable week in terms of the equity markets and sometimes you get a relief rally, markets could be bouncing a little bit based on that,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

“I think the anticipation ahead of the holidays is that it would be a pretty strong season and black Friday is a big part of that.”

Wall Street’s main indexes fell more than 3 percent last week, with the Dow and the Nasdaq posting their biggest weekly percentage declines since March, on plunging oil prices, worries about slowing global growth and peaking corporate earnings.

The S&P 500 on Friday closed 10.2 percent lower from its record closing high on Sept.20, confirming a correction for the second time in the year.

At 8:37 a.m. ET, Dow e-minis were up 239 points, or 0.99 percent. S&P 500 e-minis were up 28.25 points, or 1.07 percent and Nasdaq 100 e-minis were up 97.5 points, or 1.49 percent.

Oil prices rose, paring some its losses from the near-7 percent fall on Friday, lifting Dow components Exxon Mobil Corp up 0.9 percent and Chevron Corp 1.0 percent.

Other members of the so-called FAANG group also rose, with shares of Facebook Inc, Apple Inc, Netflix Inc and Google-parent Alphabet gaining between 1 percent and 2 percent.

Also on the forefront of investors’ minds is the G20 summit this week, where U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold trade talks in Buenos Aires, Argentina.

Among other stocks, Nvidia Corp rose 2.7 percent after Credit Suisse initiated coverage on the chip designer’s shares with an “outperform” rating and said the recent weakness in shares provide a compelling entry point.

Smaller rival Advanced Micro Devices also gained 3.2 percent. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)

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