US pre-open: Futures little changed ahead of key non-farm payrolls report

US stock futures pointed to a broadly flat opening on Wall Street on Friday as investors looked to the release of the key non-farm payrolls report for further clues on the timing of a rate hike by the Federal Reserve.

Friday data

On Thursday, data released by the Labor Department showed the number of Americans filing new claims for unemployment benefits rose a little less than expected last week. Initial claims rose by 3,000 to a seasonally-adjusted 270,000, compared with expectations for 273,000.

US initial jobless claims are scheduled for release at 1330 BST, along with the unemployment rate. Societe Generale expects the July figures to show a rise of 240,000, versus consensus of 225,000. The bank expects the unemployment rate for July to come in at 5.2%, which is a touch lower than consensus estimates of 5.3%.

Goldman Sachs, meanwhile, said the release “will shape the market's expectations on the 'lift-off' date for policy rates.”

“Our forecast for the change in nonfarm payrolls has been revised up in light of the strength in the employment component of the ISMs and is now in line with consensus at 225K,” it said.

Nvidia surges in pre-market trade

In company news, shares in Nvidia Corp, which makes graphics chips, surged 10% in pre-market trading after it posted better-than-expected second-quarter results late on Thursday.

Earnings are due from Groupon, Cablevision and Sotheby’s.

Elsewhere, European equity markets were trading a little lower after data showed German industrial production unexpectedly fell in June and as investors awaited the payrolls.

The dollar was broadly flat against the yen, the euro and the pound, while gold futures nudged down 0.1% to $1,089 an ounce.

In terms of oil prices, West Texas Intermediate edged up 0.2% to $44.74 a barrel, while Brent shed 0.2% to $49.42 a barrel.