US STOCKS-S&P 500, Nasdaq set for higher open on Alphabet boost

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* Alphabet set for best day in nine months
* Spotify drops as outlook disappoints
* Amgen leads losses among Dow components premarket
* Futures: Dow flat, S&P up 0.35%, Nasdaq up 0.67%

(Adds comment, details; updates prices)
By Devik Jain and Medha Singh
Feb 3 (Reuters) - The S&P 500 and the Nasdaq were on pace to
open higher on Wednesday after strong quarterly showing from
heavyweights Alphabet and Amazon, while investors counted on
more fiscal stimulus to aid an economic recovery.
Alphabet Inc GOOGL.O jumped 7.3% in premarket trading as
it benefited from lockdowns that drove retail and other
advertisers online. Amazon.com Inc AMZN.O gained about 2.6%, recovering from
the initial shock of Jeff Bezos stepping down as CEO to an
executive chairman role, handing over the reins to the head of
cloud computing division. The retail giant also reported
quarterly sales above $100 billion for the first time.
"Bezos will still be pulling strings - I don't think this is
material concern for the stock as it continues to deliver
numbers that continue to exceed even the most bullish
estimates," said Neil Wilson, chief market analyst at
Markets.com.
More than 80% of reports from S&P 500 companies so far have
surpassed analysts' earnings expectations, with 97% of reports
from technology companies beating, according to IBES data from
Refinitiv.
Wall Street's main indexes finished sharply higher for a
second straight day on Tuesday in a broad-based rally as market
participants digested talks over the next round of stimulus.
Democrats in the U.S. Congress on Tuesday voted along the
party lines to open debate on a fiscal 2021 budget resolution
with coronavirus aid spending instructions, their first steps
toward advancing President Joe Biden's proposed $1.9 trillion
package without Republican support. "Economic recovery is on the way and the market is still
very focused on technology ... the focus will shift at some
point in next couple of months to more value, recovery names and
that's where the opportunity is," said Olivier Sarfati, head of
equities at GenTrust in New York.
At 08:21 a.m. ET, S&P 500 E-minis EScv1 were up 13.25
points, or 0.35% and Nasdaq 100 E-minis NQcv1 were up 90.75
points, or 0.67%.
Dow E-minis 1YMcv1 were nearly flat as U.S. biotech Amgen
Inc AMGN.O dropped about 2.3% after providing a 2021 earnings
forecast below estimates and saying it had paused or halted
enrollment for clinical trials of three cancer drugs.
Videogame retailer GameStop Corp GME.N fell about 1% and
movie theater operator AMC Entertainment Holdings Inc AMC.N
gained 3% in a social media-driven trading rollercoaster ride.
U.S. Treasury Secretary Janet Yellen is calling a meeting of
top officials, including from the Securities and Exchange
Commission and the Federal Reserve, this week to discuss market
volatility.
On the economic front, the ADP National Employment Report
showed hiring by U.S. private employers rebounded by 174,000 in
January after a drop in December. A more comprehensive jobs
report is expected on Friday.