US STOCKS-S&P 500 on pace for fifth straight record open

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Workday surges after lifting annual subscription forecast
* Dell rises as quarterly profit tops estimates
* Coca-Cola rises after announcing restructuring, job cuts
* Futures up: Dow 0.37%, S&P 0.22%, Nasdaq 0.07%

(Adds comment, details; updates prices)
By Medha Singh
Aug 28 (Reuters) - The S&P 500 was set to open at a record
high on Friday for the fifth straight session as the prospect of
super-low interest rates for a prolonged period and bets on a
medical solution to the COVID-19 pandemic spurred risk appetite.
The Federal Reserve on Thursday unveiled a plan to support
inflation and restore the U.S. economy from its biggest downturn
since the Great Depression.
Data on Friday showed U.S. consumer spending increased more
than expected in July, though momentum is likely to ebb as the
COVID-19 pandemic lingers and fiscal stimulus dries up.
"There's no question consumer spending is going to be under
some stress until we get additional fiscal support," said Albert
Brenner, director of asset allocation strategy at People's
United Advisors in Bridgeport, Connecticut.
U.S. lawmakers have remained deadlocked over a fifth
coronavirus aid bill, with disagreements centered around
extending extra jobless benefits amid soaring unemployment.
Still, the benchmark S&P 500 and the Nasdaq have scaled
record highs, partly powered by a rally in technology stocks,
while the blue-chip Dow briefly turned positive on the year on
Thursday.
"We'd like to see a sort of a broadening of (stocks in the
rally); that would indicate to us some greater confidence of
market participants in the economic recovery," Brenner said.
Progress in the race to develop treatments and vaccines for
COVID-19 have also added to the cheer. Johnson & Johnson's
JNJ.N Janssen unit said it would expand testing for its
experimental coronavirus vaccine to Spain, the Netherlands and
Germany next week. Meanwhile, the U.S. election campaign entered its final
stretch with U.S. President Donald Trump's Republican nomination
for a second term. Analysts expect market volatility .VIX to
increase again ahead of voting in November.
At 8:59 a.m. ET, Dow e-minis 1YMcv1 were up 106 points, or
0.37%, S&P 500 e-minis EScv1 were up 7.5 points, or 0.22% and
Nasdaq 100 e-minis NQcv1 were up 8 points, or 0.07%.
United Airlines UAL.O edged up 3.3% in premarket trading
as it prepared for the biggest pilot furloughs of its history a
day after announcing the need to cut 21% jobs this year without
further U.S. government aid. Coca-Cola Co KO.N gained 1.2% as announced plans to nearly
halve its operating units and offer voluntary separation to
4,000 workers, as the beverage maker battles a hit to sales from
the COVID-19 pandemic. In the latest sign that technology companies are booming in
the pandemic, business software provider Workday Inc WDAY.O
jumped 9.9% after raising its annual subscription forecast.
Dell Technologies Inc DELL.N gained 3.9% after reporting
quarterly profit that beat expectations as remote working and
online learning boosted demand for its notebooks and software
products. Cosmetics retailer Ulta Beauty Inc ULTA.N jumped 13.2%
after posting quarterly profit ahead of market expectations.
Shares of Tesla Inc TSLA.O and Apple Inc AAPL.O rose
2.8% and 0.6% ahead of their stock splits that take effect on
Monday.