REFILE-US STOCKS-S&P 500 set for slightly lower open as private jobs data disappoints

(Fixes story link in paragraph 10)
* U.S. private payrolls rise less than expected in Feb
* UWM Holdings jumps in GameStop-style short squeeze
* Futures down: Dow and S&P 0.6%, Nasdaq 0.7%

By Shashank Nayar and Medha Singh
March 3 (Reuters) - The S&P 500 and the Nasdaq were set to
open lower on Wednesday as disappointing private employment data
for February dampened enthusiasm over a quick economic rebound
fueled by a swift rollout of COVID-19 vaccines.
U.S. private employers hired fewer workers than expected in
February, suggesting the labor market was struggling to regain
speed despite the nation's improving public health picture.
A more comprehensive monthly jobs report is due on Friday.
"The economy is still going through a bumpy road which is
reflected through the back and forth nature of the markets as
investors weigh on the jump in yields early this morning," said
Scott Brown, chief economist at Raymond James in Florida.
The U.S. 10-year Treasury yield US10YT=RR ticked up to
1.46%, pressuring areas of the market with high valuations. It
was still off last week's peak of above 1.61%.
High-flying Microsoft Corp MSFT.O , Apple Inc AAPL.O and
Alphabet Inc GOOGL.O dipped between 0.3% and 0.5% before the
bell, while big U.S. lenders Bank of America BAC.N , Goldman
Sachs GS.N and Morgan Stanley MS.N firmed about 1%.
Before the data hit, S&P futures rose as much as 0.8% as
President Joe Biden said that the United States will have enough
COVID-19 vaccine for every American adult by the end of May.
Texas also 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.
"The market has gone back and forth over the past few
sessions but the positive news of vaccines arriving a lot
earlier than we expected is definitely helping investor
sentiment," Brown said.
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 8:57 a.m. ET, Dow E-minis 1YMcv1 were up 34 points, or
0.11% and S&P 500 E-minis EScv1 were down 5.5 points, or
0.14%. Nasdaq 100 E-minis NQcv1 were down 53.5 points, or
0.41%.
Futures tracking the small-cap Russell 2000 RTYcv1 added
about 0.2%.
Investors have lately unwound positions in high-flying
technology-focused stocks and moved into sectors that are likely
to benefit from an economic recovery, including financials
.SPSY , energy .SPNY and industrials .SPLRCI .
Chevron Corp CVX.N and Exxon Mobil Corp XOM.N also
advanced about 1% each as oil prices were boosted by
expectations that OPEC+ producers might decide against
increasing output when they meet this week. O/R
Exxon Mobil Corp XOM.N , ahead of a closely watched
investor meeting, said it would grow its dividend and cut debt
through 2025. Shares in mortgage lender UWM Holdings Corp UWMC.N jumped
about 25% as the new targets of a short-squeeze gain popularity
on internet message boards. ISM's survey, due later in the day, is expected to show U.S.
services industry activity remained at its highest level in
nearly two years in February, unchanged from January.