* Futures down: Dow 50 pts, S&P 7 pts, Nasdaq 19 pts
By Tanya Agrawal
Sept 11 (Reuters) - U.S. stock index futures were lower on Friday as jittery investors await a decision on rate hike by the U.S. Federal Reserve next week.
* However, the S&P 500 was poised for its biggest weekly gain since July despite the recent volatility that has rocked the global financial market.
* Stocks have been volatile for the past few weeks since China devalued its currency in August and the impact of a slowdown in the region on global growth rattled investors. The S&P 500 has had moves of at least 1 percent in 11 sessions since Aug. 20.
* U.S. data on Thursday suggested the labor market was gaining momentum in early September as fewer Americans filed for weekly unemployment benefits. But a separate report showed weak inflation, further clouding the outlook for what the Fed will decide to do at its Sept. 16-17 policy meeting.
* Data scheduled to be released on Friday includes producer price index for final demand at 8:30 a.m. ET (1230 GMT). The index is expected to have declined 0.1 percent in August after rising 0.2 percent in July.
* The University of Michigan will release its consumer sentiment index at 10 a.m. ET, which is expected to have slipped to 91.2 in early September from 91.9 in August. Also, the U.S. government is expected to post a budget deficit of $81.5 billion in August. That data is expected at 2 p.m. ET.
* Netflix shares were down 1.45 percent at $98.04 premarket.
* ZS Pharma was up 5.4 percent at $78.79 after Swiss drugmaker Actelion initiated talks that could lead to a bid for the U.S. biotech company.
Futures snapshot at 7:11 a.m. ET:
* S&P 500 e-minis were down 7.25 points, or 0.37 percent, with 96,837 contracts traded.
* Nasdaq 100 e-minis were down 19.25 points, or 0.45 percent, on volume of 12,757 contracts.
* Dow e-minis were down 50 points, or 0.31 percent, with 10,569 contracts changing hands. (Reporting by Tanya Agrawal; Editing by Don Sebastian)