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Nonfarm payrolls increase by 143,000 in January

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Fortinet ( FTNT ) rises after upbeat annual revenue forecast

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Microchip falls on downbeat Q4 net sales, profit forecast

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Futures up: Dow 0.09%, S&P 500 0.06%, Nasdaq 0.06%

(Updates prices before markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 7 (Reuters) - Wall Street was set for a muted open

on Friday, as investors expected the Federal Reserve to take a

more cautious stance on interest rates after the latest batch of

jobs data.

A Labor Department report

showed

the U.S. economy added 143,000 jobs in January, compared

with a rise of 170,000 expected by economists.

The unemployment rate stood at 4%, compared with the

expectations of 4.1%, while average earnings rose 0.5% on a

monthly basis against forecasts of 0.3% growth.

For December, the nonfarm payrolls number was revised to

307,000 from 256,000.

"It's enough to keep the Fed on the sidelines, but also

put just a seed of doubt about the economic strength in the back

of investors' minds," said Ross Mayfield, investment strategist

at Baird.

"I don't think it's a negative print, but I don't think

it's a big risk-on print either."

Traders of short-term interest-rate futures continue to bet

the Fed will next cut its policy rate in June after the data.

Dallas Federal Reserve Bank President Lorie Logan had

signaled overnight that she was ready to keep interest rates on

hold for "quite some time" even if inflation drops closer to the

Fed's 2% goal, as long as the labor market does not falter.

Meanwhile, Amazon.com ( AMZN ) dipped 2.7% in premarket

trading due to weakness in the retailer's cloud computing unit,

Amazon Web Services, and lower-than-expected forecasts for

first-quarter revenue and profit.

At 08:42 a.m. ET, Dow E-minis were up 40 points, or

0.09%, S&P 500 E-minis were up 3.75 points, or 0.06, and

Nasdaq 100 E-minis were up 12.25 points, or 0.06%.

Markets had a dismal start to the week when U.S. President

Donald Trump announced sweeping trade tariffs over the weekend,

but suspended the levies on goods from Mexico and Canada on

Monday for a month.

Since then, a host of strong earnings and optimism about a

potential China-U.S. trade deal despite Beijing's tit-for-tat

tariffs have set all three major indexes on track for weekly

gains, with the Dow on pace for its fourth straight

weekly rise.

Of the 292 S&P 500 companies that have reported

earnings so far, more than 76% beat analysts' expectations,

according to data compiled by LSEG.

A preliminary reading of U.S. consumer sentiment for

February is due shortly after markets open.

Among other early movers, Pinterest ( PINS ) jumped 22%

after the image-sharing platform forecast first-quarter revenue

above market estimates.

Elf Beauty ( ELF ) tumbled 24.4% after the cosmetics company

cut its annual net sales and profit forecasts, while Expedia ( EXPE )

added 11.1% after the online travel platform posted

better-than-expected fourth-quarter results.

Chipmaker Microchip Technology fell 5.4% after

forecasting fourth-quarter net sales and profit below estimates,

while Fortinet ( FTNT ) advanced 6.2% after the cybersecurity

company forecast its full-year revenue above estimates.