US stocks expected to start positively, extending Thursday's strong performance, although much will depend on April US jobs data

US stocks look set to start in positive fashion on Friday, extending Thursday's strong performance, although much will depend on the latest US jobs data due at 9.30am EST. S&P 500 futures ticked up 0.3%, a day after the broad-market index closed near its all-time high. Nasdaq-100 futures advanced 0.2%, while futures linked to the Dow Jones Industrial Average rose 0.3%, suggesting that the blue-chips index may notch yet another closing record by the end of the week. According to a Reuters survey of economists, April US non-farm payrolls increased by 978,000 jobs last month after rising by 916,000 in March. That would leave employment about 7.5 million jobs below its peak in February 2020. Twelve months ago, the economy lost a record 20.679 million jobs as it reeled from the first wave of coronavirus (COVID-19) infections. April's payrolls estimates range from as low as 656,000 to as high as 2.1 million jobs, according to the newswire, which noted that new claims for unemployment benefits have dropped below 500,000 for the first time since the pandemic started and job cuts announced by US-based employers in April were the lowest in nearly 21 years. “In recent days, investors have been piling into risk-sensitive assets, including commodities and value stocks and anything that relies on economic growth,” noted Fawad Razaqzada, analyst at ThinkMarkets. “Indeed, the Dow surged to a fresh record high as more signs of an improving economy emerged, with applications for unemployment benefits falling last week to a fresh pandemic low. But on Thursday, the tech sector also found renewed strength as yields dipped on the back of dovish remarks from several Fed officials who have moved to alleviate speculation over monetary tightening amid rising inflationary pressures.” “Heading into the non-farm payrolls, the key question for stock market participants would be this: will the Nasdaq be able to extend its gains even if today’s jobs data triggers a bond market sell-off and cause yields to rebound?” Razaqzada added. Five things to watch on Friday: Tesla Inc (NASDAQ:TSLA) told a California regulator that it may not achieve full self-driving technology by the end of this year, a memo by the California Department of Motor Vehicles (DMV) showed. Tesla CEO Elon Musk said during an earnings conference call in January that he was "highly confident the car will be able to drive itself with reliability in excess of human this year." London-listed Holiday Inn owner InterContinental Hotels said on Friday that demand was coming back strongly and forecast a busy US summer season as travellers take advantage of an easing of coronavirus lockdowns. British Airways owner IAG also said it is confident travel will recover from July onwards after forecasting only a minimal increase in its capacity to 25% for the April to June quarter. German carmaker BMW has said it remains on course to meet its profit targets for 2021 despite rising raw material costs, though the global chip shortage will worsen and may hit production in the second quarter. German sportswear company Adidas sees only a short-term impact from Chinese calls in March for a boycott of its products, raising its 2021 sales forecast on Friday as it expects a resumption of big sporting events to drive demand. Adidas now expects sales growing at a high-teens percentage rate in 2021, compared with a March forecast for mid-to-high teens growth, with a jump of around 50% expected in the second quarter.