09:00 AM EDT, 05/06/2024 (MT Newswires) -- US equity futures posted modest gains ahead of Monday's opening bell, 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 0.4%.

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 0.8% and US West Texas Intermediate crude up 0.9%, 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.

In other world markets, Japan's Nikkei closed 0.1% lower, Hong Kong's Hang Seng ended 0.6% higher, and China's Shanghai Composite finished 1.1% higher. Germany's DAX index rose 1.1% in Europe's early afternoon session, while the UK market was closed for holiday.

In equities, shares of Bill Holdings ( BILL ) were 1% higher pre-bell after the company posted higher fiscal Q3 adjusted profit and revenue. Perficient (PRFT) shares soared 53% after the company said it agreed to a $3 billion takeover offer from Swedish investment firm EQT.

On the losing side, Meta Materials ( MMAT ) shares slumped 29% after the company said its board approved a reduction in its workforce by about 80%. Bowlero ( BOWL ) shares fell 10% after the company reported fiscal Q3 results that trailed analysts' estimates.