* MannKind shares soar as diabetes drug gets FDA backing
* Futures up: Dow 24 pts, S&P 2.5 pts, Nasdaq 8.25 pts
By Chuck Mikolajczak
NEW YORK, April 2 (Reuters) - U.S. stock index futures inched higher on Wednesday ahead of data on the labor market after the S&P 500 set its latest record high in the prior session.
* Investors await the release of the ADP National Employment report for March at 8:15 a.m. EDT (1215 GMT) for clues on the health of the labor market ahead of Friday’s key payrolls report. Expectations are for private employers to have added 195,000 jobs, against 139,000 in the previous month.
* Later in the session at 10:00 a.m. (1400 GMT), factory orders data for February is due. Investors will be looking for signs of growth after the previous month’s decline of 0.7 percent was attributed to a harsh winter. Analysts polled expect an increase of 1.2 percent.
* Shares of MannKind Corp nearly doubled in price, soaring 97.5 percent to $7.94 in premarket trading Wednesday after U.S. health advisers Tuesday recommended approval of the company’s inhaled diabetes drug.
* S&P 500 e-mini futures rose 2.5 points and were slightly 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 added 24 points and Nasdaq 100 futures gained 8.25 points.
* The S&P 500 closed at a record high Tuesday after data on factory activity indicated economic growth was gaining traction.
* Agrium Inc said the late spring season is expected to result in first-quarter earnings per share at just above breakeven.
* European shares looked set to stretch their winning streak into a seventh day as positive U.S. car sales data boosted auto makers and underpinned an improving macroeconomic picture from the United States.
* Asian share markets added to their recent rally on Wednesday as investors focused on the positive in a mixed bag of global economic data. (Editing by Bernadette Baum)