US futures higher as Wall Street rally looks set to continue

U.S. stock index futures were higher Friday as Wall Street looks set for a fifth straight day of gains, amid hopes of progress on trade talks between the U.S. and Mexico.

At around 5.30 a.m. ET, Dow futures were up 82 points and indicated a positive open of around 99 points, while the S&P 500 and Nasdaq also gained.

Investors will also be keeping a close eye to the latest nonfarm payrolls out of the U.S, which are due out during Europe’s afternoon session. Economists polled by Reuters are forecasting that the U.S. will add 180,000 jobs during the course of May, yet if the figure is dramatically different to this, then this could impact the U.S. Federal Reserve’s current thinking surrounding interest rates.


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Meanwhile, talks between Washington and Mexican officials continued Thursday afternoon, with Mexican ambassador to the U.S. Martha Barcena Coqui telling CNBC that negotiations involved a “very good discussion.”

Mexico has also agreed to send its national guard to its border with Guatemala to stem the flow of undocumented migrants hoping to reach the U.S., Reuters reported Thursday.

Markets will be monitoring Friday’s ongoing talks, after stocks reached their high Thursday on reports that the U.S. was considering delaying the imposition of a 5% tariff on Mexican imports, which is set to take effect on Monday.

Elsewhere, Russia weighed in on the escalating trade war between the U.S. and China Friday, with the head of its sovereign investment fund urging the U.S. to back up its claims that Chinese telecommunications giant Huawei represents a national security threat. The CEO of Russia’s top mobile operator MTS also told CNBC’s Geoff Cutmore that he did not believe warnings from U.S. officials.

The Dow Jones Industrial Average gained 181.09 points Thursday, bringing total gains for the week to more than 900 points and putting it on course for the best week of the year. The S&P 500 rose 0.61% and the Nasdaq Composite gained 0.53%.

On the data front, May’s unemployment, nonfarm payroll and average hourly earnings figures are due to be released at 8.30 a.m. ET on Friday. Meanwhile, April’s wholesale trade data is due at 10 a.m. ET and consumer credit figures will be published at 3 p.m.

There are no corporate earnings releases of note.

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