US STOCKS-S&P 500 set for subdued open after best day in nine months

Reuters

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    * Video conference platform Zoom rises on positive outlook
    * Target gains on 21% jump in holiday-quarter revenue
    * Futures: Dow, S&P, Nasdaq slip about 0.1%

 (Adds comment, updates prices)
    By Shashank Nayar and Medha Singh
    March 2 (Reuters) - Wall Street's major averages were set
for a muted open on Tuesday after a strong start to March as
investors closely monitored the bond market as well as progress
on the next round of fiscal stimulus.
    The S&P 500 ended 2.4% higher on Monday, its best day since
June as markets cheered approval of a third COVID-19 vaccine in
the United States and the U.S. House of Representatives' green
light for a $1.9 trillion coronavirus relief package.
    The U.S. Senate will start debating President Joe Biden's
relief bill this week when Democrats aim to pass the legislation
through a maneuver known as "reconciliation," which would allow
the bill to pass with a simple majority.  urn:newsml:reuters.com:*:nL2N2KZ10A
    "Markets are reacting to the huge positive spike in the
previous session, while investors are wondering if good news is
bad news over concerns of higher inflation due to huge
government spending plans," said Robert Pavlik, senior portfolio
manager at Dakota Wealth in New York.
    At 8:20 a.m. ET, Dow E-minis  1YMcv1  were down 43 points,
or 0.14% and S&P 500 E-minis  EScv1  were down 6 points, or
0.15%. Nasdaq 100 E-minis  NQcv1  were down 16.25 points, or
0.12%.
    The U.S. bond market has stabilized since a selloff sent the
benchmark 10-year Treasury yield  US10YT=RR  to a one-year high
last week, but continue to remain elevated, sparking fears over
high valuations in the stock market and emerging as a
competitive alternative to equities.
    Later in the week, investors will focus on ISM's service
sector survey as well as the monthly U.S. jobs report to
ascertain the economic health.
    Zoom Video Communications Inc  ZM.O  jumped about 10% after
the company forecast current-quarter revenue above estimates, as
it expects millions of people to continue using its
video-conferencing platform.  urn:newsml:reuters.com:*:nL3N2KZ4GH
    Target Corp  TGT.N  gained 0.8% after it reported a 21% jump
in holiday-quarter revenue, much higher than analysts'
estimates, as same-day delivery and store pick-up services
helped fulfill robust demand for home goods, toys and groceries
during the pandemic.  urn:newsml:reuters.com:*:nL3N2L02RN

 (Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)
 ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,
outside U.S. +91 80 6182 2802; Twitter: https://twitter.com/medhasinghs;))

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