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NEW YORK (CNNMoney)
U.S. stock futures were all moving up by roughly 1% ahead of the opening bell with U.S. jobs numbers expected to take center stage Friday.
The Labor Department is set to release its monthly jobs report at 8:30 a.m. ET. Economists surveyed by CNNMoney predict the U.S. economy added 155,000 jobs and the unemployment rate fell to 7.5% in June.
Analysts say another mediocre jobs report this month could be just the thing to soothe volatile stock prices and interest rate swings of the last few weeks.
But Peter Cardillo, chief market economist at Rockwell Global Capital, is bullish on the jobs report, expecting a gain of 168,000 jobs, driven by temporary summer employment, which would drive the unemployment rate down to 7.3%.
"I think our fears will be alleviated today by the employment data," he said.
Europe got a big boost Thursday when the region's central banks signaled that interest rates would remain at unusually low levels for an extended period of time. These dovish statements pushed down both the euro and pound sterling versus the U.S. dollar.
But Cardillo said the statements indicate "that the economic malaise of the recession in Europe is going to continue into the first quarter of next year."
European markets rallied strongly Thursday and were mixed in Friday midday trading.
Related: Fear & Greed Index
Investors will also be monitoring the political turmoil in Egypt, which has sent oil prices higher in the past few days, and in Portugal, where leaders are trying to prevent a government collapse that would undermine its 78-billion euro bailout.
U.S. stocks finished slightly higher Wednesday. American markets were closed Thursday for the Fourth of July holiday.
Asian markets ended with gains. The Hang Seng index and the Nikkei in Japan both ran up by roughly 2%. The Shanghai Composite index edged up by 0.1%.
First Published: July 5, 2013: 5:14 AM ET
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