Futures rise on Apple, Amgen boost; jobs data awaited
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Apple jumps after announcing record share buyback
Expedia slides after trimming FY revenue growth forecast
Futures up: Dow 0.76%, S&P 0.33%, Nasdaq 0.59%
Updated at 7:00 a.m. ET/1100 GMT
By Shristi Achar A and Shashwat Chauhan
May 3 (Reuters) -Futures tied to Wall Street's main indexes gained on Friday, lifted by upbeat corporate updates from Apple and Amgen, while traders braced for a key jobs report for a clearer outlook on the labor market and the interest rate path.
Apple AAPL.O jumped 6.1%, outpacing other megacap stocks in premarket trading after the iPhone maker unveiled a record $110 billion share buyback program and beat modest expectations for quarterly results and forecast.
Amgen AMGN.O climbed 14.4% as the biotechnology firm said it was very encouraged after completing an interim analysis of its mid-stage study of experimental weight-loss drug MariTide and as it reported first-quarter earnings.
Shares of rival Eli Lilly LLY.N dipped 2%, while weight-loss drug developer Viking Therapeutics VKTX.O shed 5.2%.
Sentiment also remained upbeat as investors weighed the U.S. Federal Reserve's more dovish-than-expected interest rate guidance in its latest policy meeting, causing U.S. stocks to rally on Thursday.
However, stronger economic data such as labor costs and some dour earnings from chipmakers in the week have set up all the three main stock indexes for weekly losses.
Focus will now shift to the key nonfarm payrolls report for April due at 8:30 a.m. ET, for a clearer picture of labor demand in the U.S. economy and its impact on the monetary policy trajectory.
The Labor Department's report is expected to show U.S. job growth probably slowed to a still-solid clip in April, with wages maintaining their steady rise.
"Fed Chair Jerome Powell probably achieved what he set out to do, which is to beat the hawkish and dovish drums simultaneously," Raffi Boyadjian, lead investment analyst at forex broker XM, said.
"The April jobs report will be crucial in underscoring the Fed's dovish narrative ... whether the labor market can continue to churn out new jobs at a staggering pace without fuelling a wage-price spiral is highly questionable."
Money markets see a close to 62% chance of the first interest rate cut being delivered in September, while pricing in a greater 73.5% chance for November, according to CME FedWatch tool.
At 07:00 a.m. ET, Dow E-minis 1YMcv1 were up 290 points, or 0.76%, S&P 500 E-minis EScv1 were up 16.75 points, or 0.33%, and Nasdaq 100 E-minis NQcv1 were up 104.75 points, or 0.59%.
Block SQ.N rose 7.4% after the Jack Dorsey-led payments fintech firm lifted its full-year adjusted core earnings forecast and revealed plans to add more bitcoins to its balance sheet.
Expedia EXPE.O fell 10.4% after the online travel agency cut its full-year revenue growth forecast as gross bookings were hit by a drag in its vacation rental platform.
Fortinet FTNT.O dipped 8.3% after the cybersecurity firm forecast second-quarter billings below Wall Street estimates.
Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta
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