* Payrolls data on tap
* J.C. Penney gets letter of inquiry from SEC
* Sears Holdings to spin off Lands' End business
* Futures up: Dow 62 pts, S&P 8.2 pts, Nasdaq 13 pts
By Chuck Mikolajczak
NEW YORK, Dec 6 U.S. stock index futures rose on
Friday, putting the S&P 500 on track to snap a five-session
losing streak, ahead of a key monthly payrolls report that may
affect expectations for when the Federal Reserve will begin to
wind down its stimulus.
* The S&P 500 has dropped 1.2 percent over the past five
sessions, the longest losing streak for the benchmark index
since late September. A gain of nearly seven percent over the
prior eight weeks had increased expectations the Fed may
accelerate the timetable to trim its $85 billion in monthly bond
purchases encouraged profit taking.
* Many market participants expect the Fed to announce a cut
in March. The Fed has said it would slow its stimulus program
when certain economic measures meet its targets, including a
decline in the U.S. unemployment rate.
* The November employment report is due at 8:30 a.m. EST
(1330 GMT). Economists in a Reuters survey forecast 180,000 jobs
were created in November compared with 204,000 jobs in October.
The unemployment rate is seen at 7.2 percent versus a 7.3 rate
* Also due at 8:30 a.m. is personal income and spending data
for October. Economists in a Reuters survey expect a 0.3 percent
rise in income and a 0.2 percent increase in spending.
* Later in the session at 9:55 a.m. (1455 GMT), investors
will eye the Thomson Reuters/University of Michigan Surveys of
Consumers release December preliminary consumer sentiment index.
Economists in a Reuters survey expect a reading of 76.0 compared
with 75.1 in the final November report.
* S&P 500 futures rose 8.2 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures gained 62
points and Nasdaq 100 futures added 13 points.
* J.C. Penney Co Inc fell 3.7 percent to $8.52 in
premarket trade after the department store chain said it
received a letter of inquiry from the U.S. Securities and
Exchange Commission, seeking an explanation on the company's
* Struggling U.S. retailer Sears Holdings Corp, led
by hedge fund manager Edward Lampert, said it would spin off its
Lands' End clothing business.
* A rally in Swiss food firm Nestle helped
European stocks snap their longest losing streak in six months
on Friday, although the market's rise was capped by caution
ahead of the release of key U.S. jobs data later in the day.
Asian shares were little changed.