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Futures: Dow down 0.07%, S&P 500 up 0.22%, Nasdaq 0.54%

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Nonfarm payrolls data awaited

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Broadcom ( AVGO ) up after strong AI revenue growth forecast

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Lululemon plunges after profit forecast cut

(Updates prices)

By Purvi Agarwal and Ragini Mathur

Sept 5 (Reuters) -

Futures tied to the S&P 500 touched record highs and Nasdaq

futures inched upward on Friday as investors awaited key nonfarm

payrolls data, with chip major Broadcom's ( AVGO ) impressive quarterly

earnings further boosting market sentiment.

Broadcom ( AVGO ) jumped 10.4% before the bell after the

chip designer forecast fourth-quarter revenue above estimates

and expected AI revenue growth to "improve significantly" in

fiscal-year 2026.

The jobs report for August is the last major labor market

dataset expected to be released ahead of the September 16 and 17

U.S. Federal Reserve meeting.

Markets have priced in a more than 99% chance of a

25-basis-point cut, according to CME's FedWatch Tool, after weak

July payrolls as well as Fed Chair Jerome Powell's dovish

comments in August.

Labor market data released through the week reinforced the

view that the U.S. jobs market was weakening.

"Labor markets aren't collapsing, but they aren't

reaccelerating either... instead, the trend of linear cooling

continues as the labor market remains in stasis," said Garrett

Melson, portfolio strategist at Natixis IM Solutions.

"While the 25- versus 50-bps debate is rippling up again,

barring a massively negative headline payrolls print paired with

a surge in the unemployment rate, 50 bps at the September

meeting seems a bridge too far."

At 07:16 a.m. ET, Dow E-minis fell 33 points, or

0.07%, S&P 500 E-minis gained 14.25 points, or 0.22%,

and Nasdaq 100 E-minis rose 126.5 points, or 0.54%.

Broadcom's ( AVGO ) results gave respite to investors who were

unimpressed by Nvidia's ( NVDA ) quarterly results last week and

concerned after the lofty valuations of AI-related firms briefly

paused Wall Street's rally last month.

Conversely, Lululemon Athletica ( LULU ) plunged 19% after

the yogawear maker slashed its annual profit forecast the second

time in a row, dragging larger rival Nike ( NKE ) down 1.3%.

Despite the anticipation around payrolls, the S&P 500 closed

at a record high on Thursday, with the Nasdaq and the Dow also

finishing higher as rate-cut hopes remained intact after a slew

of economic indicators.

The benchmark index is within touching distance of an

intraday record high set on August 28.

Wall Street's three main indexes were on track for gains in

the first week of September. The S&P 500 has lost 1.5% on

average in September since 2000, according to LSEG data, making

it the worst month historically for U.S. equities.

In other moves, Tesla added to gains and was last

up 1.9% after the EV-maker proposed an about $1-trillion

compensation package for top boss Elon Musk, subject to lofty

targets being met.

Samsara advanced 11% after the software firm beat

second-quarter revenue expectations.

Cryptocurrency stocks rose as bitcoin prices hit a

more than one-week high. Strategy was up 2.2%, Coinbase

added 1.5% and miner Riot Platforms ( RIOT ) climbed

1.8%.