* Banks rise after stress tests results
* Non-Farm Payroll data on tap
* Toyota Motor forecasts loss
* Futures up: S&P 11.20 pts, Dow 94 pts, Nasdaq 10 pts
* For up-to-the-minute market news click [STXNEWS/US]
NEW YORK, May 8 U.S. stock index futures pointed to a rise of more than 1 percent at the open on Friday after the government's stress tests results for banks lifted optimism on financial stocks ahead of April's non-farm payroll data.
* U.S. regulators told top banks after the close on Thursday to raise $74.6 billion to build a capital cushion official hope will restore faith in financial firms and set a course out of the deepest recession in decades. For details, see [ID:nN07333426]
* Shares of several major banks rose, with Citigroup Inc (C.N) and Bank of America Corp (BAC.N) up more than 12 percent and 14 percent, respectively in premarket trading.
* ""The market is clearly pleased with the (stress test) number, it's happy to have it out of the way." said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
"Now the uncertainty, as far as the market is concerned, it out of the way and now it can move on to the economy."
* At 8:30 a.m. (1230 GMT), investors will focus on non-farm payroll data from April. The government is expected to report that the economy lost 590,000 for the month according to a Reuters poll, less than the 663,000 in March. However, the number may still push the jobless rate to a 25-year high to 8.9 percent from 8.5 percent.
* S&P 500 futures SPc1 rose 11.20 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 added 94 points, and Nasdaq 100 NDc1 futures gained 10 points.
* Toyota Motor Corp (7203.T), the world's biggest automaker, forecast a much bigger-than-expected annual loss and said it would sell about 1 million fewer vehicles this year, forcing it to attempt to cut costs in a severe market downturn. [ID:nT285085]
* Oil rose to nearly $58 a barrel, its highest level in about 6 months, lifted by hopes of an economic recovery that could boost world oil demand.
* European shares climbed in early trade on Friday as financial stocks advanced after the results of the stress tests, while commodities tracked higher crude and metals prices. [ID:nL8696333]
* A recent surge in Asian shares lost steam ahead of U.S. monthly jobs data that may signal whether or not the global economy has indeed hit bottom. [ID:nSP305990]
* Wall Street stocks slid on Thursday as investors took profits from the technology sector's recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about public finances.
* Since hitting a 12-year closing low in March, the S&P has surged 34 percent, driven by optimism about the financial systems's condition and hopes the recession may be waning. (Reporting by Chuck Mikolajczak; Editing by Theodore d'Afflisio)