US STOCKS-Futures point to modestly lower open after payrolls
* Futures erase heavy early losses
* Payroll report comes in below forecasts
* P&G, Tesla both rise in premarket after results
* Futures down: Dow 28 pts, S&P 3 pts, Nasdaq 4.5 pts (Adds payroll report, comments)
By Ryan Vlastelica
NEW YORK, Aug 1 (Reuters) - U.S. stock index futures pointed to a slightly lower open on Friday as a weak July jobs report allayed concerns that the Federal Reserve would raise interest rates sooner than many had expected.
* Futures had dropped sharply earlier in the session, but pared much of their losses following the report that 209,000 jobs had been created in July, below the 233,000 that had been expected.
* On Thursday, Wall Street suffered its biggest one-day decline in months as data sparked worries the U.S. Federal Reserve could raise interest rates sooner than expected. Higher rates would raise borrowing costs for individuals and companies and crimp spending.
* The Fed has kept overnight rates near zero since December 2008, but at its meeting Wednesday it took note of faster economic growth and a decline in the unemployment rate, while expressing concern about remaining slack in the labor market. Continuación...