April 1, 2016 / 11:17 AM / 2 years ago

US STOCKS-Futures slip ahead of March payrolls data

* Futures down: Dow 55 pts, S&P 7.25 pts, Nasdaq 20.5 pts

By Abhiram Nandakumar

April 1 (Reuters) - U.S. stock index futures started the second quarter on a gloomy note on Friday, ahead of a crucial non-farm payrolls report that will give investors a clearer reading on the economy.

* The Labor Department’s report, due at 8:30 a.m. ET (1230 GMT), is expected to show that employers added 205,000 jobs in March, less than the 242,000 added in February. Unemployment is expected to remain at an eight-year low of 4.9 percent.

* Investors will parse the data to see if a recovery in the U.S. labor market and the economy can be sustained amid a global turmoil that has roiled financial markets.

* A separate report at 10 a.m. on Friday is expected to show the Institute for Supply Management’s national manufacturing index rose to 50.7 in March from 49.5 the previous month.

* Federal Reserve Chair Janet Yellen this week urged caution on raising interest rates, given the global risks to the U.S. economy and low oil prices.

* Weak Japanese manufacturing data on Friday pushed global stocks lower and propped up prices of safe-haven assets.

* Wall Street ended the first quarter with a whimper on Thursday after a seven-week rally that rescued the S&P 500 from its worst start to a year since 2009.

* The late-quarter recovery helped the S&P and the Dow Jones industrial average log their second-straight quarter of gains.

* Tesla’s shares were up 7.5 percent at $247 premarket after the electric carmaker unveiled a new sedan with increased range.

* Marriott was down 5.3 percent at $67.38 after China’s Anbang Insurance abandoned its $14 billion bid for Starwood Hotels. Starwood shares were untraded premarket.

Futures snapshot at 6:52 a.m. ET:

* Dow e-minis were down 55 points, or 0.31 percent, with 31,822 contracts changing hands.

* S&P 500 e-minis were down 7.25 points, or 0.35 percent, with 215,404 contracts traded.

* Nasdaq 100 e-minis were down 20.5 points, or 0.46 percent, on volume of 24,883 contracts. (Reporting by Abhiram Nandakumar; Editing by Saumyadeb Chakrabarty)

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