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Futures up: Dow 0.47%, S&P 500 0.43%, Nasdaq 0.33%

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April nonfarm payrolls data in focus

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Chevron ( CVX ) falls after quarterly results

(Updates with earnings, quote)

By Sruthi Shankar and Purvi Agarwal

May 2 (Reuters) - U.S. stock index futures rose on

Friday as hopes of a de-escalation in a punishing U.S.-China

trade war offset disappointing earnings updates from Apple ( AAPL ) and

Amazon ( AMZN ), while a monthly jobs report remained on the radar.

Global stocks advanced as Beijing said on Friday it was

"evaluating" an offer from Washington to hold talks over U.S.

President Donald Trump's 145% tariffs on China.

Their tit-for-tat tariffs have kept investors on edge, with

both sides unwilling to be seen backing down in a trade war that

has roiled global markets and upended supply chains.

Investors now await the Labor Department's closely watched

employment report at 8:30 a.m. ET (1230 GMT) for clues on the

health of the U.S. labor market.

It is expected to show nonfarm payrolls increased by 130,000

jobs last month after rising by 228,000 in March. Part of the

anticipated step-down in payrolls would be due to the fading

boost from warmer weather.

"Faced with rising policy uncertainty, companies are

hesitant to meaningfully hire or reduce their workforce," said

Seema Shah, chief global strategist at Principal Asset

Management.

"This paralysis has led the labor market into an uneasy

equilibrium where it will not take much to trigger a rise in

unemployment."

Apple ( AAPL ) slid 3.5% in premarket trading after the

iPhone maker trimmed its share buyback program by $10 billion

and CEO Tim Cook told analysts that tariffs could add about $900

million in costs this quarter.

"Apple ( AAPL ) claimed the sort of earnings beat that was never

likely to win much favor... at a time when its products business

is fraught with uncertainty, it's not great that growth on the

services side has disappointed," said AJ Bell investment

director Russ Mould.

Amazon.com ( AMZN ) was down marginally after it forecast

second-quarter operating income below estimates as concerns

about tariffs and its impact on consumer spending clouded the

outlook.

At 07:25 a.m. ET, Dow E-minis were up 192 points, or

0.47%, S&P 500 E-minis were up 24.25 points, or 0.43%,

and Nasdaq 100 E-minis were up 66 points, or 0.33%.

The tech-heavy Nasdaq closed on Thursday at levels

last seen before April 2, dubbed "Liberation Day", when Trump

unveiled massive global tariffs. His reversal of some tariffs

has helped U.S. stock indexes recover from recent losses.

Despite signs of reprieve on the trade front, the rapid

shifts in U.S. tariff policies have forced some companies to

warn of business impacts or pull earnings forecasts amid worries

of higher costs and a hit to economic growth.

Oil giant Chevron ( CVX ) lost 2% after its quarterly

results, while Exxon Mobil ( XOM ) was up 0.9% after beating

first-quarter profit estimates.

Block slumped more than 20% after cutting its profit

forecast for 2025 and missing estimates for quarterly earnings,

as the payments firm grapples with muted consumer spending.

Airbnb ( ABNB ) dipped 5.1% after the vacation rental

platform forecast second-quarter revenue largely below Wall

Street estimates and signaled softening demand in the U.S.

(Reporting by Sruthi Shankar and Purvi Agarwal in Bengaluru;

Editing by Devika Syamnath)