US STOCKS-Futures advance as vaccines, stimulus boost bets on economic rebound

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* Futures up: Dow and S&P 0.6%, Nasdaq 0.7%

By Shashank Nayar and Medha Singh
March 3 (Reuters) - U.S. stock index futures rose on
Wednesday as a swift global roll out of vaccines and a new round
of stimulus bolstered bets on a quick economic rebound, with
investors also focusing on private employment and service sector
reports.
Texas sweepingly rolled back coronavirus restrictions on
Tuesday, lifting a mask mandate and saying most businesses may
open at full capacity next week as many U.S. states record a
sharp decline in new infections and hospitalization.
President Joe Biden also said the United States will have
enough COVID-19 vaccine for every American adult by the end of
May. The U.S. Senate is expected to take up Biden's $1.9 trillion
coronavirus relief package on Wednesday, with Democrats aiming
to get it signed into law before March 14, when some current
jobless benefits expire. At 06:35 a.m. EST, Dow E-minis 1YMcv1 were up 202 points,
or 0.64% and S&P 500 E-minis EScv1 were up 21.5 points, or
0.56%. Nasdaq 100 E-minis NQcv1 were up 86.5 points, or 0.65%.
Futures tracking the small-cap Russell 2000 RTYcv1 jumped
about 1.1%.
Further aiding risk sentiment, the U.S. 10-year Treasury
yield US10YT=RR was last up 1.44%, well below last week's peak
of above 1.61% that triggered a selloff in the equities market
on valuation worries.
Investors have lately unwound positions in high-flying
technology-focused stocks and moved into sectors that are likely
to benefit from an economy recovery, including financials
.SPSY , energy .SPNY and industrials .SPLRCI .
Bank of America BAC.N , Goldman Sachs GS.N and Morgan
Stanley MS.N were up between 1.2% and 1.7% in trading before
the bell.
ISM's survey is expected to show U.S. services industry
activity remained at its highest level in nearly two years in
February, unchanged from January.
A separate report is likely to show U.S. private payrolls
rebounded further in February after the economy shed jobs in
December. It comes ahead of the more comprehensive monthly jobs
report.
Chevron Corp CVX.N and Exxon Mobil Corp XOM.N rose about
1.5% each as oil prices were boosted by expectations that OPEC+
producers might decide against increasing output when they meet
this week. O/R
However, Exxon said that it planned to cut its workforce in
Singapore, home to its largest oil refining and petrochemical
complex, by about 7% due to "unprecedented market conditions"
resulting from the COVID-19 pandemic.