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Stock futures point to strong gains at the open after jobs report

  • At around 8:15 a.m. ET, Dow futures were up about 60 points.
  • The Nasdaq and S&P 500 futures were also expected to open higher on Monday.

U.S. stock index futures pointed to higher open Monday morning, after the latest jobs report eased lingering concerns over inflation and the prospect of faster rate hikes.

At around 8:15 a.m. ET, Dow futures were up about 60 points. The Nasdaq and S&P 500 futures were also expected to open higher on Monday. The moves in premarket trade come after Wall Street stocks surged in the previous session.

The tech-heavy Nasdaq composite advanced 1.8 percent to 7,560.81 on Friday, hitting intraday and closing records while erasing losses from last month's correction. The Nasdaq 100, which is made up of the 100 largest companies in the Nasdaq composite, also reached a record high. Friday marked the first time since January 26 that either index reached a record high.
Shares of Facebook, Amazon, Netflix and Google helped lead the gains.

In Europe on Monday, equities were trading higher as a relief rally swept across global markets. Inflation worries appeared to dissipate after U.S. economic data showed annual growth in average hourly earnings slowed to 2.6 percent, after a spike at the start of 2018. Although the same data on Friday showed nonfarm payrolls jumped by 313,000 last month.

On Monday, the U.S. is set to release its monthly budget statement for February at around 2 p.m. ET. Market expectations are pricing in a -$216 billion deficit for the federal government's operating budget.

— CNBC's Fred Imbert and Cheang Ming contributed to this report.