US STOCKS-Wall St set for higher open as weekly jobless claims fall

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* U.S. weekly jobless claims fall to 4.43 million
* U.S. manufacturing and services PMIs awaited
* House set to pass $484 bln more in coronavirus relief
* Target slumps on margin squeeze, Walmart dips
* Futures up: Dow 0.32%, S&P 500 0.52%, Nasdaq 0.54%

(Adds comments, market reaction)
By Shreyashi Sanyal and C Nivedita
April 23 (Reuters) - Wall Street headed for a higher open on
Thursday as jobless claims declined for the third straight week,
raising hopes that the worst of the coronavirus pandemic's
impact on the labor market might be over.
Data on Thursday showed 4.43 million Americans filed for
unemployment benefits in the week to April 18, down from a
revised 5.24 million in the previous week. But the latest number was still staggeringly high and took
the total in the past five weeks to a record 26 million as
state-wide shutdowns to contain the coronavirus sparked
production halts and mass staff furloughs.
"While markets are going to take this drop as being very
positive, it is not a victory flag that recession is going to be
avoided," said Steven Blitz, chief U.S. economist at TS Lombard
in New York.
"The market is trying to say that this contraction due to
the coronavirus is not a true recession, its effect is broad but
limited to industries that have been forced to shut down, and
that once we open, the negative impact will quickly unwind."
Investors will now turn to surveys on U.S. manufacturing and
services firms due later in the day that are likely to mirror
dismal readings from Asia and Europe. Wall Street jumped on Wednesday on a recovery in oil prices
and signs Congress was preparing nearly $500 billion more in
relief for small businesses and hospitals. The bill is expected
to clear the House of Representatives later in the day.
Still, the benchmark S&P 500 index .SPX is 17% below its
February record high and volatility .VIX remains well above
levels seen in the past two years.
"Given that the global economy is breathing on life support,
no one can be sure with a high level of certainty on how
equities and other asset classes will perform in the coming
months," said Hussein Sayed, chief market strategist at FXTM.
"What we know is volatility will stay with us for a while
and that is the kind of 'new normal' we need to deal with over
the forthcoming weeks and possibly months."
At 8:52 a.m. ET, Dow e-minis 1YMcv1 were up 74 points, or
0.32%. S&P 500 e-minis EScv1 were up 14.5 points, or 0.52% and
Nasdaq 100 e-minis NQcv1 were up 46.75 points, or 0.54%.
Analysts have sharply cut their S&P 500 profit expectations
for the first and second quarters, while companies launched
dramatic cost-cutting measures to ride out the economic slump.
Retailer Target Corp TGT.N reported a surge in digital
sales in March and April, which offset a slump in-store sales.
But its shares fell 6.7% in premarket trading as margins were
hit by higher costs. Bigger rival Walmart Inc WMT.N also fell 1.2% and was the
biggest decliner among Dow .DJI components before the bell.
An 11.5% jump for Las Vegas Sands Corp LVS.N lifted U.S.
casino operators after the company predicted a speedy recovery
in Asia on pent-up gambling demand. Shares in Wynn Resorts WYNN.O , MGM Resorts MGM.N and
Melco Resorts MLCO.O gained between 3% and 7%.