US STOCKS-Futures edge up on hopes of easing trade tensions, jobs data awaited

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 and Amazon, 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.O 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 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.O 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 YMcv1 were up 192 points, or 0.47%, S&P 500 E-minis EScv1 were up 24.25 points, or 0.43%, and Nasdaq 100 E-minis NQcv1 were up 66 points, or 0.33%.

The tech-heavy Nasdaq .IXIC 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.N lost 2% after its quarterly results, while Exxon Mobil XOM.N was up 0.9% after beating first-quarter profit estimates.

Block XYZ.N 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.O 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.