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A reading from the Commerce Department showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.8% after an unrevised 0.6% increase in September. The core personal consumption expenditure (PCE) index, excluding volatile items, eased to 0.2%, against expectations of 0.3%. "People are feeling that the worst is behind us," said Sam Stovall, chief investment strategist at CFRA Research in New York. The S&P 500 index (.SPX) closed above its 200-day moving average for the first time since April in the previous session, while the Nasdaq index (.IXIC) ended over 4% higher. FEDWATCHInvestors also await nonfarm payrolls data on Friday, with the ADP report on Wednesday suggesting cooling demand for labor.

Rare protests in major Chinese cities over the weekend against the country's strict zero-COVID curbs have hit growth expectations in the world's second-largest economy. U.S.-listed shares of Chinese companies such as Bilibili Inc , Alibaba Group Holding Ltd , JD.com Inc , Baidu Inc and Nio Inc , however, eked out gains, rising between 1% and 2.2%. Declining issues outnumbered advancers for a 2.47-to-1 ratio on the NYSE and for a 1.95-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 74 new highs and 102 new lows. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Best Buy Co Inc (BBY.N) jumped 12.4%, leading gains on S&P 500 (.SPX) index, after forecasting a smaller drop in annual sales than previously estimated, confident that a ramp up in deals and discounts will lure more customers. "People are hopeful that consumers can still squeeze out a strong holiday season despite the headwinds they're facing," said Brandon Pizzurro, director of public investments at GuideStone Capital Management. "It would be an upside surprise if consumers really brought their full wallet to the table this year, probably what's driving Best Buy movement today." Gains in Best Buy boosted the S&P 500 retail (.SPXRT) sector index, but a 9.4% fall in Dollar Tree Inc (DLTR.O) capped the upside as the discount retailer lowered its annual profit forecast for the second time. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, up 3.0%, as oil prices rose after top exporter Saudi Arabia said OPEC+ stuck with output cuts.

Dow component (.DJI) Walgreens Boots Alliance Inc (WBA.O) rose 1.9% after Cowen & Co upgraded the drug distributor stock, citing its healthcare services business push. Best Buy Co Inc (BBY.N) soared 9.4%, rising the most among S&P 500 (.SPX) components after forecasting a smaller-than-expected drop in annual sales. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, bouncing off four-week lows by adding 2%. Advancing issues outnumbered decliners by a 2.70-to-1 ratio on the NYSE and by a 1.12-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 49 new highs and 122 new lows.

SummarySummary Companies Best Buy up, sees smaller annual sales dropMedtronic down, lowers FY profit outlookTesla attempts to recoup losses post slumpFutures up: Dow 0.44%, S&P 0.49%, Nasdaq 0.40%Nov 22 (Reuters) - Wall Street's main indexes were set to open higher on Tuesday, with gains in shares of Walgreens and Best Buy helping investors assuage worries around the economic fallout of stricter COVID-19 curbs in China. Leading gains among S&P 500 (.SPX) components trading before the bell, Best Buy Co Inc (BBY.N) jumped 9.1% after forecasting a smaller-than-expected drop in annual sales ahead of the crucial holiday season. Dow component (.DJI) Walgreens Boots Alliance Inc (WBA.O) rose 1.7% after Cowen & Co upgraded the drug distributor stock, citing its healthcare services business push. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 19.25 points, or 0.49%, and Nasdaq 100 e-minis were up 46 points, or 0.4%. Analysts expect thin trading volumes as markets will be shut on Thursday for Thanksgiving holiday and will remain open for half day on Friday.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. Energy was the only major S&P 500 sector eying gains for the year, surging around 58%. Travel stocks including American Airlines Group Inc (AAL.O) and Norwegian Cruise Line Holdings Ltd (NCLH.N) fell 0.5% and 1.2%, respectively. Keeping declines on the Dow Jones Industrial Average (.DJI) and S&P 500 (.SPX) in check was a 5.8% jump in Walt Disney Co (DIS.N) after Bob Iger's return as chief executive to the entertainment giant. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 68 new highs and 156 new lows.

The U.S. central bank is likely to raise rates by 75-basis points for the fourth straight time this year in November. "That probably won't be coming until we start to see some weakness in the labor market, which is helping fuel inflation pressures." Dow components Procter & Gamble Co and Travelers Companies Inc (TRV.N) rose 3.4% and 2.6%, respectively, after the companies posted better-than expected quarterly profit. Declining issues outnumbered advancers for a 2.56-to-1 ratio on the NYSE and for a 1.92-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and five new lows, while the Nasdaq recorded 18 new highs and 100 new lows.

"That probably won't be coming until we start to see some weakness in the labor market, which is helping fuel inflation pressures." Apple Inc (AAPL.O) fell 1.3% in premarket trading after a report of iPhone 14 Plus production cut within weeks of starting shipments. Other growth stocks including Tesla Inc (TSLA.O), Amazon.com (AMZN.O), Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O) fell between 0.1% and 0.2%. ET, Dow e-minis were down 134 points, or 0.44%, S&P 500 e-minis were down 21 points, or 0.56%, and Nasdaq 100 e-minis were down 57.25 points, or 0.51%. United Airlines Holdings Inc (UAL.O) jumped 5.8% as the U.S. carrier posted its strongest quarterly earnings in three years.

Goldman Sachs Group Inc (GS.N) gained 2.5% after reporting a smaller-than-expected drop in quarterly profit due to a slowdown in investment banking, which was cushioned by a boost in net interest income. If I had to guess, this is more of a short-term bear market rally, and we'll see more volatility in the weeks ahead." Netflix (NFLX.O) slid 1.7% ahead of its earnings report after markets close, with all eyes on the video-streaming company's subscriber growth, which is seen falling in the third quarter. Advancing issues outnumbered decliners by a 2.70-to-1 ratio on the NYSE and by a 2.05-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and two new lows, while the Nasdaq recorded 58 new highs and 66 new lows.

With this, Goldman Sachs wraps up earnings reports from big U.S. banks this quarter on a largely positive note. "A better-than-feared earnings season may well be the catalyst the market needs to see a break in the steady grind lower." Netflix (NFLX.O) added 2.4% ahead of reporting its earnings after markets close. The reversal of parts of a controversial UK fiscal plan that had roiled bond markets also aided sentiment. Toymaker Hasbro Inc (HAS.O) fell 1.3% upon posting a 28% fall in quarterly profit, highlighting that inflation-hit consumers were further discouraged by price hikes.

read moreAnalysts now expect profit for S&P 500 companies to have risen just 2.8% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data. All the 11 major S&P 500 sector indexes rose, with cyclical financials (.SPSY) and materials (.SPLRCM) rising 2% each. The S&P 500 banks index (.SPXBK) was up 2.81%. Advancing issues outnumbered decliners by a 8.42-to-1 ratio on the NYSE and by a 5.40-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 24 new lows.

Register now for FREE unlimited access to Reuters.com Register"This is a direct result of higher interest rates offered by the banks looking very attractive compared to other risk assets. Bank of NY Mellon Corp (BK.N) also benefited from higher rates, sending its shares up 6.1%. Overall, higher rates boosted interest incomes for lenders in the third quarter but turbulent markets choked off dealmaking and banks set aside more funds to brace for an economic slowdown. read moreThe S&P 500 banks index (.SPXBK) was up 3.8%. All the 11 S&P 500 sector indexes were higher with technology (.SPLRCT), communication services (.SPLRCL) and consumer discretionary (.SPLRCD) leading with near 3% gains each.

The three main indexes have been on a loss-making streak in the past few sessions as recent data continues to point to more policy tightening by the U.S. Federal Reserve that could tip the economy into a recession. With recent economic indicators signaling persistent inflation going forward, money markets are pricing in a 92% chance of another 75-basis-point hike at the Fed's meeting in November. read moreMajor U.S. banks are set to report third-quarter results on Friday that may offer insight into the health of the U.S. economy. ET, Dow e-minis were up 6 points, or 0.02%, S&P 500 e-minis were down 2.25 points, or 0.06%, and Nasdaq 100 e-minis were down 10.25 points, or 0.09%. Amgen Inc (AMGN.O) shares jumped nearly 3% after a report said Morgan Stanley upgraded the drugmaker's stock to "overweight" from "equal weight".

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