US STOCKS-Wall Street set to open lower after June jobs data

* U.S. job growth surges, wage growth remains tepid
* Chip stocks weak after Samsung results
* Futures down: Dow 0.40%, S&P 0.52%, Nasdaq 0.74%

(Changes comment, adds details, updates prices)
By Medha Singh
July 5 (Reuters) - Wall Street's main indexes were set to
open lower on Friday after a strong rebound in U.S. job growth
in June dashed hopes of an aggressive interest rate cut by the
Federal Reserve this month.
Nonfarm payrolls rose by 224,000 jobs last month, the most
in five months, the Labor Department data showed. Economists
polled by Reuters had forecast payrolls rising 160,000 jobs in
June.
The closely watched employment report led investors to scale
back bets of a 50 basis point rate cut by the central bank at
its policy meeting on July 30-31. However, moderating wage growth and mounting evidence that
the economy was slowing sharply could still encourage the Fed to
cut interest rates by a quarter point.
"It is still more likely than not that the Fed will cut
rates but the odds have decreased somewhat," said Scott Brown,
chief economist at Raymond James in St. Petersburg, Florida.
"The 50 basis point cut should be priced out completely at
this point."
Wall Street's main indexes have rallied to record levels on
hopes of a looser monetary policy from the Fed and other major
central banks in the wake of a slowdown in global growth.
At 8:55 a.m. ET, Dow e-minis 1YMc1 were down 107 points,
or 0.4%. S&P 500 e-minis ESc1 were down 15.5 points, or 0.52%
and Nasdaq 100 e-minis NQc1 were down 58 points, or 0.74%.
Trading volumes are likely to be thin at the end of
holiday-shortened week as markets were shut on Thursday for
Independence Day holiday.
Chipmakers were hit by Samsung Electronics Co Ltd's
005930.KS weak second-quarter forecast, as a supply glut and
rising tariffs hit global demand for electronics. Qualcomm Inc QCOM.O slipped 3.0% in premarket trade, with
Intel Corp INTC.O and Advanced Micro Devices Inc AMD.O also
falling.