US STOCKS-Wall St set to open higher on hopes of China-led rebound

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* Uber jumps on deal to buy food delivery app Postmates
* Tesla climbs as JPM hikes price target
* Regeneron up as COVID-19 antibody cocktail in late-stage
trial
* Futures up: Dow 1.46%, S&P 1.21%, Nasdaq 1.18%

(Adds details, quote; updates prices)
By Medha Singh
July 6 (Reuters) - Wall Street's main indexes were set to
open higher on Monday, with the Nasdaq eyeing another record
level, as bets on China leading the revival from a
coronavirus-driven downturn helped investors look past a surge
in new cases of COVID-19 at home.
China stocks jumped more than 5%, boosted by ample
liquidity, cheap funding and expectations of a faster and a
better bounce-back in business activity than other major
countries still battling the coronavirus crisis. .SS
A slew of upbeat U.S. data, including a record rise in June
payrolls, helped the Nasdaq .IXIC close at an all-time high on
Thursday and brought the S&P 500 .SPX and the Dow .DJI
nearly 8% and 13% below their respective peaks from February.
"Investors are more focused on what the other side of this
pandemic looks like, as opposed to the short-term risks of
shutdowns," said Matt Lindholm, managing director - investment
strategies at CAZ Investments in Houston.
A sharp surge in COVID-19 cases recently in the United
States has cast a shadow over the strong rally in stocks as many
states have curtailed their reopening plans, threatening to
derail the economic recovery.
During the Independence Day weekend, several states reported
a record increase in new infections, with Florida surpassing the
highest daily tally reported by any European country during the
peak of the outbreak. Data at 10 a.m. ET (1400 GMT) is likely to show ISM's
non-manufacturing activity index rose to a reading of 50.1 in
June from 45.4 in May.
At 8:01 a.m. ET, Dow e-minis 1YMcv1 were up 375 points, or
1.46%. S&P 500 e-minis EScv1 were up 37.75 points, or 1.21%
and Nasdaq 100 e-minis NQcv1 were up 122 points, or 1.18%.
Among individual stocks, Tesla Inc TSLA.O gained 5.8% in
premarket trading, building on a four-day rally, after J.P.
Morgan bumped up its price target for the electric carmaker's
stock following its better-than-expected quarterly deliveries.
Uber Technologies Inc UBER.N climbed 6.7% as the
ride-sharing company agreed on a deal to buy food-delivery app
Postmates Inc in a $2.65-billion all-stock agreement.
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Regeneron Pharmaceuticals Inc REGN.O gained 3.1%, as the
drugmaker said it had begun late-stage clinical trials to assess
the effectiveness of its antibody cocktail in preventing and
treating COVID-19.