08:03 AM EDT, 05/06/2024 (MT Newswires) -- US equity futures were cautiously higher Monday, stabilizing after Friday's strong gains amid hopes that the Federal Reserve will soon start cutting interest rates.

Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all up around 0.3%.

Data released on Friday by the Bureau of Labor Statistics showed nonfarm payrolls rose by 175,000 in April, well below expectations for an increase of 240,000 jobs, raising bets on interest rate cuts.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1% and US West Texas Intermediate crude up 1.2%, after media reports that Saudi Arabia raised prices for customers in Asia, northwest Europe and the Mediterranean.

There are no major economic data due for release.