US stock futures jump after weak payroll data

NEW YORK, July 7 (Reuters) U.S. stock index futures jumped on Friday after a key jobs report, showed weaker-than-expected job growth, suggesting the Federal Reserve may be able to pause its cycle of interest rate hikes.

The U.S. Labor Department reported that 121,000 nonfarm payroll jobs were created in June, below economists' expectation of 185,000 jobs and up an upwardly revised 92,000 in May.

The unemployment rate stayed at a five year low of 4.6 percent, in line with expectations.

Standard&Poor's 500 futures were up 4.1 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were up 36 points, and Nasdaq 100 futures were up 4 points.

REUTERS CS PM1844