CORRECTED-US STOCKS-Wall St set to slip as stimulus rally pauses

(Correct year to 2021 from 2020 in paragraph 3)
* Exxon rises on J.P. Morgan upgrade to "overweight"
* Regeneron up as U.S. govt orders more COVID-19 therapy
doses
* Futures down: Dow 0.18%, S&P 0.30%, Nasdaq 0.36%

By Medha Singh and Devik Jain
Jan 13 (Reuters) - Wall Street's main indexes were set to
open lower on Wednesday as investors digested a recent rally to
record highs on bets of a snap-back in economic activity fueled
by more fiscal stimulus and vaccine rollouts.
Expectations of a hefty COVID-19 relief package under the
incoming Joe Biden administration and hopes of a rebound in
corporate earnings this year have eclipsed concerns over signs
that the labor market recovery has stalled amid rampant COVID-19
infections.
"The market has discounted the rise in (COVID-19) cases and
is really focused on what things look like in the second half of
2021, when vaccines have been widely distributed and the more
impaired sectors of the economy are up and running again," said
Dan Eye, head of asset allocation and equity research at Fort
Pitt Capital Group in Harrisburg, Pennsylvania.
"Valuations are stretched in a lot of segments within tech
and growth. But that's not the case with a lot of value sectors
such as financials, energy ... things are set up very well for
continuation of the rotation into value."
Wall Street's main indexes ended marginally higher on
Tuesday on a boost from economy-linked financials, energy and
materials stocks, while the small-cap Russell 2000 .RUT ,
sensitive to domestic outlook, closed at an all-time high.
Investors are watching events in Washington, where the U.S.
House of Representatives will vote on Wednesday to impeach
President Donald Trump over the storming of the U.S. Capitol
last week that stunned the nation and left five dead.
U.S. Federal Reserve officials on Tuesday said that concerns
about continued violence pose a risk, but the transition to a
new administration on Jan. 20 and a likely accelerating vaccine
rollout have left them optimistic. The new Senate will take up further COVID-19 relief
legislation as soon as Democrats take control of the chamber,
U.S. Senate Democratic Leader Chuck Schumer assured on Tuesday.
At 08:22 a.m. ET, Dow E-minis 1YMcv1 were down 55 points,
or 0.18% and S&P 500 E-minis EScv1 were down 11.5 points, or
0.3%. Nasdaq 100 E-minis NQcv1 were down 46.25 points, or
0.36%.
Earnings reports from big U.S. banks including JPMorgan
JPM.N and Citigroup C.N will mark the unofficial start to
the fourth-quarter earnings season later this week. Investors
will gauge remarks from executives for clues on corporate
America's health.
Exxon Mobil Corp XOM.N rose 1.3% in premarket trading
after J.P. Morgan upgraded the stock to "overweight", saying
cuts in capital spending had put the oil major on track for a
stronger performance. General Motors Co GM.N added another 3.5% on top of
Tuesday's 6% jump after the automaker announced its entry into
the growing electric delivery vehicle business. Regeneron Pharmaceuticals REGN.O climbed 2.5% as the U.S.
government said it would buy 1.25 million additional doses of
the company's COVID-19 antibody cocktail for about $2.63
billion. Target Corp TGT.N rose 0.2% after it said robust online
sales during the holiday season resulted in a 17.2% rise in
comparable sales for the retailer.