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Spirit Airlines ( SAVE ) tanks after report of bankruptcy filing

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Rivian tumbles after slashing annual production forecast

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Futures: Dow up 0.03%, S&P 500 up 0.19%, Nasdaq up 0.31%

(Updated at 06:57 a.m. ET/1057 GMT)

By Johann M Cherian and Purvi Agarwal

Oct 4 (Reuters) -

U.S. stock index futures were flat to marginally higher on

Friday as investors held off on significant moves ahead of

crucial payrolls data and tracked geopolitical tensions in the

Middle East for potential escalations.

The Labor Department's nonfarm payrolls data, due at 8:30

a.m. ET, is expected to show that the economy maintained a

moderate pace of job growth, while unemployment was steady in

September. The figures could shed light on the central bank's

policy trajectory for the remainder of the year.

If the numbers land close to projections, it would back

up Fed Chair Jerome Powell's suggestion that any further rate

cuts are likely to be shallower than September's 50-basis-point

reduction, according to Derren Nathan, head of equity research

at Hargreaves Lansdown.

"In the context of a worsening global geopolitical

outlook, investors will be seeking reassurance from economic

stability at home. Any unexpected signs of a weakening labor

market could trigger a further dash for safe havens," Nathan

said.

The labor market has been under greater scrutiny after the

U.S. Federal Reserve slashed interest rates in September by a

rare 50 basis points to stave off any further weakening in

employment.

Odds of a 25 bps reduction at the Fed's November meeting

stand at 69.5%, up from 46.7% a week ago, according to the CME

Group's FedWatch Tool.

Traders expect borrowing costs to fall by 66 bps before the

year ends, down from nearly 79 bps a week ago, according to data

compiled by LSEG, as recent reports pointed to strong service

sector activity in September.

Dow E-minis were up 14 points, or 0.03%, S&P 500

E-minis were up 11 points, or 0.19% and Nasdaq 100

E-minis were up 61.75 points, or 0.31%.

Comments from New York Fed President John Williams before

markets open will also be on investors' radar.

Wall Street's main indexes closed lower on Thursday and were

set to finish the first week of October on a weaker footing as

investors were nervous about escalating tensions in the Middle

East and the workers' strike earlier this week.

Analysts said the events could impact the inflation and

labor figures for October.

Energy stocks such as Occidental Petroleum ( OXY ) edged

higher 1.11%, while Exxon Mobil ( XOM ) and Chevron ( CVX )

crept up 0.9% each in premarket trading, as crude prices surged

on concerns of supply disruptions in the Middle East due to the

widening regional conflict.

The S&P 500 Energy sector is on track to log its

biggest weekly jump since March 2023.

Meanwhile, ports on the East and Gulf Coasts began reopening

late on Thursday after workers reached a wage deal, but clearing

the cargo backlog will likely take time. U.S. shares of Zim

Integrated Shipping Services were down 8.2%.

Among others, Spirit Airlines ( SAVE ) nosedived 40% after a

report showed the carrier was in talks with bondholders about

the terms of a potential bankruptcy filing after its failed

merger with JetBlue Airways ( JBLU ).

Rivian shed 8.5% after the EV startup cut its

full-year production forecast and delivered fewer vehicles than

expected in the third quarter.

Rate-sensitive growth stocks such as Tesla and

Amazon.com ( AMZN ) climbed more than 1.2% each, while chip

stocks including Nvidia ( NVDA ) and Advanced Micro Devices ( AMD )

were little changed.