Stock futures rose on Friday as the Senate passed the debt ceiling bill and investors await a much-anticipated Labor report.
Futures linked to the S&P 500 (^GSPC) rose 0.53%, while futures on the Dow Jones Industrial Average (^DJI) jumped 0.54%, or 179 points. The technology-heavy Nasdaq Composite (^IXIC) was 0.54% higher.
The May jobs report, due out at 8:30 a.m. ET, could help determine whether the Federal Reserve will raise interest rates at its next meeting in June.
Non-farm payrolls for May are expected to rise by 195,000 while the unemployment rate is expected to reach 3.5%. In April, the US economy added 253,000 non-farm payroll jobs while the unemployment rate fell to 3.4%.
Meanwhile, debt ceiling fears are waning among investors as the Senate voted to approve a bill that will raise the US debt ceiling for two more years. Easing debt ceiling concerns propelled stocks higher on Thursday, with all three major averages closing the first day of June in the green.
On the earnings front, sportswear brand Lululemon (LULU) posted better-than-expected results and boosted its full-year revenue forecast. Lululemon now expects annual revenue of between $9.44 billion and $9.51 billion. The previous forecast was for a range of $9.3 billion to $9.41 billion.
“LULU continues to show strong momentum, driven by product innovation, investments in demand growth/creation and the benefit of not being exposed to the wholesale channel,” the analyst wrote. of Wedbush Securities, Tom Nikic, in a note to clients Friday morning.
Josh is a reporter for Yahoo Finance.
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