NEW YORK (CNNfn) - U.S. stock futures were mixed just before trading began Friday after the May unemployment report, which showed that the jobless rate fell for the first time in eight months and came in slightly stronger than Wall Street forecasts.
Nasdaq-100 futures rose more than 1 percent, indicating a higher open for the Nasdaq market. But Standard & Poor's futures were flat, pointing to little change in the S&P 500 and Dow Jones industrial average.
The unemployment rate edged down to 4.4 percent in May from 4.5 percent in April, the Labor Department said, even though businesses cut 19,000 jobs, down from a revised drop of 182,000 in April and a bit below Wall Street forecasts for a loss of 25,000.
Investors got a few minutes to absorb the jobs data before the private National Association of Purchasing Management issues its report on May manufacturing. That's expected to show a modest increase to 43.7 percent from 43.2 percent in April. Under NAPM's guidelines, that would show a modest expansion of the overall economy, although manufacturing would still be contracting.
Both reports will be closely watched not only by investors, but by Federal Reserve officials who will be deciding whether to cut interest rates for the sixth time in 2001. The central bank has cut rates by a half percentage point five times as policy makers try to prevent a slowdown from becoming a recession.
Also due after the markets open is the April report on construction spending from the government. It's expected to show a 0.2 percent gain, far slower than the 1.3 percent advance in March.
The Nasdaq composite index starts the session at 2,110.49 after picking up 1.3 percent Thursday. The Dow industrials also carry some positive momentum into the session, having risen 39 points to 10,911.94, while the S&P 500 is at 1,255.82 following a gain of nearly 8 points.
Major Asian stock indexes finished lower Friday. European markets began the day with declines.
Treasury prices lost ground after the jobs report, with the 10-year note yield up to 5.41 percent from 5.40 percent late Thursday and the 30-year bond yield little changed at 5.76 percent.
The dollar slipped against both the yen and euro. Brent oil futures slid 20 cents to $27.80 a barrel in London.
Specialty semiconductor maker Altera (ALTR: Research, Estimates) warned late Thursday that second-quarter sales would be below Wall Street forecasts, blaming larger-than-expected declines outside North America. The company's shares rose 31 cents to $24.31 in after-hours trading Thursday after gaining 75 cents during regular hours.
Bridgestone/Firestone has asked the federal government to investigate the safety of Ford Explorer sport/utility vehicles, saying it's the SUVs and not its tires that are to blame for rollover problems linked to 174 deaths. Ford Motor (F: Research, Estimates) blames the tires for the problems, and has started a recall of 13 million of them in addition to the 6.5 million pulled off the SUVs last year. Ford shares fell 25 cents Thursday to $24.35.
Abbott Laboratories (ABT: Research, Estimates) may face a problem with its popular Synthroid drug for treating thyroid gland problems. The Wall Street Journal reported Friday that the drugmaker has received notice from the Food and Drug Administration that Synthroid has a history of problems and could be pulled from the market. Abbott shares rose 50 cents to $51.98 Thursday.
Elsewhere, Vivendi of France agreed to buy textbook publisher Houghton Mifflin in a deal worth about $2.2 billion including assumption of debt. The $60 a share price for each share of Houghton Mifflin (HTN: Research, Estimates) represents a 10 percent premium over its closing price Thursday of $54.56. 
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