(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Bank, energy stocks gain on prospects of more stimulus * AutoNation rises after strong quarterly profit * Futures up: Dow 0.52%, S&P 0.45%, Nasdaq 0.48% (Adds comment; updates market prices) Feb 16 (Reuters) - Wall Street’s main indexes were set to open at all-time highs on Tuesday, with investors piling into economically sensitive stocks on hopes of more fiscal aid to lift the world’s biggest economy from a coronavirus-driven slump. Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp rose about 1.7% each in premarket trading as 10-year U.S. Treasuries touched their highest since late March. Oil stocks ExxonMobil Corp, Marathon Oil, Devon Energy Corp and shale-focused player Occidental Petroleum Corp gained between 2.5% and 5.6% after oil prices jumped to a 13-month high. “The cyclical trade is off to the races, which is a sign of a brand new business cycle, a brand new recovery and of faster growth to come,” said Thomas Hayes, chairman of hedge fund Great Hill Capital Llc in New York. “Even if the market was going sideways or only modestly higher, we could see material rallies under the surface in those laggard groups from last year and that’s going to be a huge play this year.” The benchmark S&P 500 and the blue-chip Dow scaled new highs last week as investors swapped growth-oriented stocks including technology, which led Wall Street’s recovery from a COVID-19-induced crash last year, for under-priced value stocks that are poised to benefit from economic growth. The S&P value index, which includes banks, energy and industrial sectors, has risen 6% in the past two weeks, slightly outperforming the growth index, which is skewed more toward technology. Further lifting sentiment, President Joe Biden is pushing ahead with his plan to pump an extra $1.9 trillion in stimulus into the economy. By 8:13 a.m. ET, Dow e-minis were up 163 points, or 0.52%, S&P 500 e-minis were up 17.75 points, or 0.45%, and Nasdaq 100 e-minis were up 66.25 points, or 0.48%. A largely upbeat fourth-quarter earnings season has also reinforced hopes of a quick business recovery this year. This week’s earnings reports from Hilton Worldwide Holdings Inc, Hyatt Hotels Corp, Marriott International Inc , Norwegian Cruise Lines and TripAdvisor Inc will be closely watched for signs of a pickup in global travel demand. Shares of cryptocurrency and blockchain-related firms including Silvergate Capital Corp, Riot Blockchain and Marathon Patent Group jumped between 7.9% and 10.5% as bitcoin crept toward $50,000. AutoNation Inc added 1.8% after it reported an 88% surge in quarterly adjusted profit as the largest U.S. auto dealership chain earned more per vehicle thanks to tight inventories and robust demand for SUVs and trucks. Southwest Airlines Co rose 2.1% after the carrier forecast slower cash burn in current quarter as leisure bookings and demand improve in Feb. Focus this week is also on the minutes from the Federal Reserve’s January meeting, where it reaffirmed its pledge to maintain a dovish policy stance. (Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva)
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