Stock futures were up as investors awaited nonfarm payrolls data for
clues on what the Federal Reserve might do when it convenes next month.
A hotter-than-expected print could help reignite market expectations for rate hikes later this year.
"While we still do not believe that the Fed ultimately intends to take this step, the market is unlikely to be deterred from continuing to bet on a rate hike," Commerzbank said.
New Fed Chairman Kevin Warsh has refused to provide any clear indication of a potential rate rise and refrained from forward guidance. This puts greater emphasis on data, Commerzbank added.
