US STOCKS-Futures climb as U.S.-China tensions ease

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* Nonfarm payrolls likely to plunge 22 mln in April
* Disney rises as tickets sellout for Shanghai park
* Uber Technologies climbs as ride service bookings recover
* Futures up: Dow 0.90%, S&P 0.93%, Nasdaq 0.94%

(Adds quote, details; updates prices)
By C Nivedita and Medha Singh
May 8 (Reuters) - U.S. stock index futures jumped about 1%
on Friday as signs of an easing in U.S.-China friction boosted
sentiment ahead of a closely watched jobs report that is likely
to show the steepest plunge in payrolls since the Great
Depression.
After President Donald Trump rattled investors last week by
threatening new tariffs against China, Beijing said on Friday
both sides had agreed to improve the atmosphere for the
implementation of a Phase 1 trade deal. Wall Street is now on course for its first weekly increase
in three, with the Nasdaq recouping all its losses for 2020,
even as the Labor Department's employment report due at 8:30
a.m. ET is likely to show the U.S. economy lost a staggering 22
million jobs in April. "The disconnect between sanguine financial markets and an
imploding real economy grows larger by the day as bets for more
and more stimulus are leading Wall Street to turn a blind eye to
how catastrophic economic data really are," said Marios
Hadjikyriacos, investment analyst at online broker XM.
On Thursday, financial markets began pricing in a negative
U.S. interest rate environment for the first time ever,
expecting the Federal Reserve to pump even more cash into the
system to rescue the economy from a deep global recession.
At 7:57 a.m. ET, Dow e-minis 1YMcv1 were up 214 points, or
0.9%, S&P 500 e-minis EScv1 were up 26.75 points, or 0.93% and
Nasdaq 100 e-minis NQcv1 were up 85.5 points, or 0.94%.
Among early movers, Disney rose 2.5% as tickets for the
earliest days of Shanghai Disneyland's re-opening in China sold
out rapidly. Uber Technologies Inc UBER.N jumped 7.3% as the company
said its ride service bookings slowly recovered in recent weeks
and that it expects a coronavirus-related slowdown will delay
the goal of becoming profitable by a matter of quarters, not
years. Cognizant Technology Solutions Corp CTSH.O fell 5.5% after
the IT services and outsourcing firm warned of weak demand this
year.
About 392 of the S&P 500 companies have reported so far and
first-quarter earnings are expected to have fallen 12.1%, with
analysts expecting an earnings recession by the second quarter,
according to Refinitiv data.