US STOCKS-S&P 500 set to dip after bumper session as virus threat rages on

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* Senate set to vote on stimulus bill on Wednesday
* Boeing top gainer among Dow components
* Nike up 9% after beating revenue estimates
* Futures off: Dow 0.17%, S&P 1.23%, Nasdaq 1.22%

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By Uday Sampath Kumar and Medha Singh
March 25 (Reuters) - The S&P 500 was set to open lower on
Wednesday after a strong rebound in the previous session as
optimism about an imminent $2 trillion coronavirus package
waned, with investors still concerned about the lasting economic
hit from the pandemic.
After the White House and Senators agreed on a deal to aid
businesses and millions of Americans hit by the health crisis,
futures briefly surged but soon reversed course as traders said
much of the stimulus had been priced into financial markets.
On Tuesday, the Dow Jones .DJI had soared over 11% in its
best day since 1933, while the S&P 500 .SPX jumped 9.4%,
recouping about $1.8 trillion in market value.
"It's too early to be positive," said Andrea Cicione, head
of strategy at TS Lombard.
"We still haven't seen evidence that things are improving in
terms of contagion (and) also haven't fully appreciated how far
this recession will go."
The benchmark S&P 500 was still nearly $8 trillion below its
mid February high, and investors expect more violent swings.
Wall Street's fear gauge .VIX , which nudged lower following
reports of the Senate agreeing on the stimulus package, was up
4.3 points at 66.01.
"If the market can't bounce from these extremely oversold
levels, then we are likely headed much lower," said Adam Sarhan,
chief executive officer of 50 Park Investments in Florida .
The Senate will vote on the bill later on Wednesday and the
House of Representatives is expected to follow soon after. The
total figure at stake exceeds the amount the country spends on
national defense, scientific research, highway construction and
other discretionary programs combined. Airlines, hotels and cruise operators, among the hardest hit
U.S. sectors, were some of the strongest gainers in premarket
trading.
American Airlines AAL.O , Carnival Corp CCL.N MGM Resorts
MGM.N and Norwegian Cruise Line Holdings NCLH.N jumped
between 8% and 12%.
Boeing Co BA.N continued its rally, surging nearly 12% as
sources said the planemaker planned to restart 737 MAX
production by May, ending a months-long halt triggered by a
safety ban.
Nike Inc NKE.N rose 9% after the sportswear giant beat
quarterly revenue estimates and said sales in China were
rebounding, helped by online orders. At 08:27 a.m. EDT, Dow e-minis 1YMcv1 were down 36 points,
or 0.17%, S&P 500 e-minis EScv1 were down 30 points, or 1.23%
and Nasdaq 100 e-minis NQcv1 were down 92.25 points, or 1.22%.