US STOCKS-Futures gain on hopes of rate cut, China tariff delay

* Nonfarm payrolls increase 75,000 in May
* Traders boost bets on Fed rate cuts, starting in July
* Beyond Meat surges after upbeat 2019 sales forecast
* Futures up: Dow 0.20%, S&P 0.28%, Nasdaq 0.42%

(Updates prices, adds details, changes comment)
By Amy Caren Daniel and Sruthi Shankar
June 7 (Reuters) - U.S. stock index futures rose on Friday
as hopes of an interest rate cut by the Federal Reserve were
lifted by a sharp slowdown in May domestic job growth and
moderate wage increases.
A report that the United States would give China more time
to avoid a tariff hike helped add to the gains.
U.S. employers added 75,000 jobs last month, much smaller
than the 185,000 jobs economists polled by Reuters had forecast,
suggesting the loss of momentum in economic activity was
spreading to the labor market. "This is the type of read the doves will really take to, as
it supports the argument for cutting rates beyond politics or
trade issues, which were never part of the Fed's mandate to
begin with," said Mike Loewengart, vice-president of investment
strategy at E*Trade Financial in New York.
"Even though the number came in low, we're still creating
jobs, which supports the case that the economy is still
expanding, so the Fed will have to walk a really thin line."
The sign of cooling in the labor market led traders of
short-term interest rate futures to add to bets that the Federal
Reserve will start to cut rates in July and reduce them two more
times before the end of the year. MMT/
Hopes that the Fed would turn more accommodative to blunt
the impact of escalating trade tensions have helped the S&P 500
.SPX clock three straight sessions of gains and also put the
benchmark index on track for its first weekly gain since May 3.
At 9:01 a.m. ET, Dow e-minis 1YMc1 were up 52 points, or
0.2%. S&P 500 e-minis ESc1 were up 8 points, or 0.28% and
Nasdaq 100 e-minis NQc1 were up 30.25 points, or 0.42%.
The Office of the United States Trade Representative said
Washington extended the date for implementing the increase for
some Chinese imports from June 1 to June 15. Investors will also track talks between the United States
and Mexico, a day after the three main indexes ended higher on a
Bloomberg report that President Donald Trump could delay the
tariffs he had threatened on Mexican goods.
Among stocks, Beyond Meat Inc shares BYND.O surged 26.1%
in premarket trading after the maker of plant-based burgers and
sausages said it expects to more than double its revenue and
report breakeven EBITDA this year. Caesars Entertainment Corp CZR.O jumped 6% after the Wall
Street Journal reported the company was nearing a deal to
combine with rival Eldorado Resorts Inc ERI.O .