U.S. stock index futures were slightly higher on Friday, indicating the market's recent gains could be extended, though investors held off from making large bets ahead of the highly anticipated May payroll report.
A weaker-than-expected report could spark a selloff on Wall Street, especially with major indexes coming off a string of record highs and light trading volume recently, which could make the market more susceptible to big swings.
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About 218,000 jobs are expected to have been added in May, down from 288,000 added in April. The report, due at 8:30 a.m. EDT (1230 GMT), is also expected to show the U.S. unemployment rate rose to 6.4 percent in May from 6.3 percent.
Recent data, including jobless claims and the ADP report on private sector employment this week, have indicated some softness in the labor market, though that has not swayed a view that the economy is improving as underlying trends continue to point to firming conditions.
Wall Street rallied on Thursday, boosted by the European Central Bank's move to cut rates to record lows and its pledge to do more if needed to fight off the risk of deflation.
S&P 500 futures
Despite that strength, the moves have largely come in thin trading. About 93,464 S&P 500 e-mini
For the week, the Dow is up 0.7 percent, the S&P is up 0.9 percent and the Nasdaq is up 1.3 percent. Both the Dow and S&P are on track for their third straight weekly advance, while the Nasdaq is on track for its fourth.
Bank of America Corp
Sources told Reuters that General Motors Co