US STOCKS-Futures cautiously higher ahead of crucial jobs data
* Futures up: Dow 35 pts, S&P 5 pts, Nasdaq 7.5 pts
By Yashaswini Swamynathan
July 8 (Reuters) - U.S. stock index futures were marginally higher on Friday as investors braced for crucial monthly jobs data that would determine the health of the labor market.
* Strong June non-farm payrolls data will help assuage some concerns about the health of the economy that were sparked after a lackluster May jobs report.
* The report, due at 8:30 a.m. ET (1230 GMT), is likely to show that 175,000 jobs were created in June, compared with a paltry 38,000 in the previous month.
* Unemployment in June is expected to have risen marginally to 4.8 percent, compared with a 4.7 percent gain in May, another report also at 8:30 a.m. ET is likely to show.
* Britain's shock vote to end its European Union membership last month threw global markets into disarray. The U.S. Federal Reserve had held interest rates steady in June, citing uncertainty surrounding the vote and its consequences.
* A strong June jobs report will provide some relief, but is not expected lead to a rate hike this year. A weak reading, however, will aggravate the risk-off mood sparked by the risks to global growth, especially after Brexit.
* Fed funds futures pricing show a greater likelihood of a rate cut, rather than a hike, in the coming months. The Fed next meets on July 26-27. Continuación...