US pre-open: Stocks set to rise ahead of latest non-farm jobs report

US futures pointed to a positive open on the Street after stocks closed lower during the previous session on the back of a rise in Treasury yields as market operators trimmed bets on interest rate cuts by the Federal Reserve in 2019.

As of 1220 BST, Dow Jones futures pointed to a 0.24% gain at the bell, while S&P 500 and Nasdaq futures had the indexes on track for gains of 0.28% and 0.51%, respectively.

Dow futures indicated a gain of around 63 points at the opening bell on Friday after comments made by Federal Reserve chairman Jerome Powell on Wednesday that low inflation pressures of late could just be "transitory", implying that a rate cut may not be on the horizon any time soon. This news sent stocks lower.

"Fed Chair Powell pushed back quite strongly in the press conference against the idea that the unexpected drop in core inflation in first quarter represents a shift in the trend," said Ian Shepherdson at Pantheon Macroeconomics.

"He argued that some, or even, all the downshift is due to 'transient or idiosyncratic' factors, including the huge drop in prices for certain financial services in the wake of the plunge in stock prices and the flattening of the yield curve in the fourth quarter."

On the data front, the all-import nonfarm payrolls will be accompanied by unemployment data and average hourly wages at 1330 BST, while services PMI data will follow at 1445 BST.

SpreadEx analyst Connor Campbell said: "Looking at the US open and, having suffered another slide on Thursday night, the Dow Jones is lurking at a 3-week low. It’s currently forecast 60 point rise would push it back past 26,350, though that could change dependent on the non-farm jobs report.

"The headline figure is estimated to come in at 181k, with wage growth rising from 0.1% to 0.3%, and the unemployment rate steady at 3.8%."

Elsewhere, Chicago Fed president Charles Evans will speak at 1515 BST and Fed vice chair Richard Clarida will address an audience at 1630 BST.

In corporate news, Newell Brands stock was rising in pre-market trade after topping Wall Street estimates for both earnings and sales.

Later in the session, market participants will likely be firmly focussed on earnings from automotive giant Fiat Chrysler.