Futures extend gains after April jobs data

U.S. stock index futures extended gains on Friday as fresh evidence of easing labor market conditions boosted hopes that the Federal Reserve could cut interest rates sometime this year.

A Labor Department report showed nonfarm payrolls increased by 175,000 jobs in April, compared with expectations for an increase of 243,000, according to economists polled by Reuters.

The unemployment rate stood at 3.9% compared with expectations that it would remain steady at 3.8%, while average earnings rose 0.2% on a monthly basis against forecasts of 0.3% growth.

At 08:30 a.m., Dow E-minis YM1! were up 520 points, or 1.35%, S&P 500 E-minis ES1! were up 55 points, or 1.08%, and Nasdaq 100 E-minis NQ1! were up 249.5 points, or 1.41%.