* Payroll report seen showing slower job growth in May
* S&P 500, Dow ended at records on Thursday
* BofA could pay more than $12 bln to settle probes: WSJ
* Futures up: Dow 30 pts, S&P 1.7 pts, Nasdaq 4.75 pts
By Ryan Vlastelica
NEW YORK, June 6 (Reuters) - U.S. stock index futures were
slightly higher on Friday, indicating the market's recent gains
could be extended, though investors held off from making large
bets ahead of the highly anticipated May payroll report.
* A weaker-than-expected report could spark a selloff on
Wall Street, especially with major indexes coming off a string
of record highs and light trading volume recently, which could
make the market more susceptible to big swings.
* About 218,000 jobs are expected to have been added in May,
down from 288,000 added in April. The report, due at 8:30 a.m.
EDT (1230 GMT), is also expected to show the U.S. unemployment
rate rose to 6.4 percent in May from 6.3 percent.
* Recent data, including jobless claims and the ADP report
on private sector employment this week, have indicated some
softness in the labor market, though that has not swayed a view
that the economy is improving as underlying trends continue to
point to firming conditions.
* Wall Street rallied on Thursday, boosted by the European
Central Bank's move to cut rates to record lows and its pledge
to do more if needed to fight off the risk of deflation.
* S&P 500 futures rose 1.7 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 added 30
points and Nasdaq 100 futures rose 4.75 points.
* Equities have been strong lately, with the S&P 500 rising
in nine of the past 11 sessions to advance 3.6 percent over that
period. The benchmark index has ended at a record high five
times in the past six sessions.
* Despite that strength, the moves have largely come in thin
trading. About 93,464 S&P 500 e-mini contracts traded
hands as of 7:00 a.m. on Friday, suggesting another day of
* For the week, the Dow is up 0.7 percent, the S&P is up 0.9
percent and the Nasdaq is up 1.3 percent. Both the Dow and S&P
are on track for their third straight weekly advance, while the
Nasdaq is on track for its fourth.
* Bank of America Corp fell 0.8 percent in premarket
trading a day after the Wall Street Journal reported that the
bank could pay more than $12 billion to settle probes by the
Justice Department and a number of states into its alleged
handling of shoddy mortgages.
* Sources told Reuters that General Motors Co has
dismissed several high-ranking executives, including at least
one vice president and two directors, for their roles in the
still-unfolding drama over deadly ignition switches in older GM
* Novavax Inc was the Nasdaq's most active
premarket mover, down 4.9 percent in heavy volume a day after a
public offering of 25 million common shares was priced at a
discount to its Thursday close.
(Editing by Bernadette Baum)