3 Min Read
* Futures up: Dow 87 pts, S&P 7.25 pts, Nasdaq 21 pts
By Tanya Agrawal
June 2 (Reuters) - U.S. stock index futures were higher on Friday as a clutch of economic data showed the economy continues to strengthen, ahead of the monthly employment data for May.
* Nonfarm payrolls are expected to have increased by 185,000 last month, according to a Reuters survey of economists, after surging 211,000 in April. The data is expected at 8:30 a.m. ET (1230 GMT).
* The unemployment rate is forecast unchanged at a 10-year low of 4.4 percent, while average hourly earnings are expected to have risen 0.2 percent in May after gaining 0.3 percent in April.
* Robust jobs numbers should cement expectations of a Federal Reserve interest rate hike at its June 13-14 policy meeting.
* The central bank raised interest rates by 25 basis points in March. Data on consumer spending and manufacturing suggest the economy gained speed early in the second quarter after gross domestic product increased at a tepid 1.2 percent in the first-quarter.
* Traders are pricing in a 91.2 percent chance of a rate hike next month, according to the CME Group's FedWatch tool, while forecasts from Fed officials suggest that a median of two more hikes are planned before the end of the year.
* U.S. stocks advanced on Thursday, with the major indexes notching record highs after the ADP private sector employment report showed 253,000 jobs were added in May, well above the 185,000 rise expected.
* In addition to the ADP data, a separate report showed factory activity ticked up in May after two straight months of declines.
* Brent oil tumbled below $50, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.
* Shares of Lululemon Athletica jumped 15.1 percent to $56 in premarket trading after the athletic apparel maker's quarterly profit beat estimates.
* RH slumped 21.8 percent to $44.80 after the high-end furniture retailer slashed its full-year profit forecast.
* Wayfair was up 2.5 percent at $68.15 after a brokerage increased its rating on the online furniture retailer's stocks.
Futures snapshot at 6:57 a.m. ET:
* Dow e-minis were up 87 points, or 0.41 percent, with 24,496 contracts changing hands.
* S&P 500 e-minis were up 7.25 points, or 0.3 percent, with 147,944 contracts traded.
* Nasdaq 100 e-minis were up 21 points, or 0.36 percent, on volume of 25,573 contracts. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)