Stock futures were mixed early Friday as oil prices spiked to levels not seen in a week on fears the dollar would weaken further. Investors are also awaiting May's payroll numbers.

U.S. stocks staged a big rally Thursday, ending a three-day losing streak as the Dow climbed over 200 points. Better-than-expected initial jobless claims data and strong sales from several retailing giants namely Wal-Mart Stores Inc. (NYSE: WMT) helped boost sentiment. The Dow Jones Industrial Average ended climbing up 213.79 points, or 1.73%, the S&P 500 gained 26.85 points, or 1.95%, and the Nasdaq composite finished 46 points, or 1.87%, higher.

At 8:30 a.m. EDT, the government will release the non-farm payroll report for May. Economists expect a loss of 60,000 jobs in May according to Briefing.com. Unemployment rate is expected to increase to 5.1% from 5% the month before. Hourly earnings are expected to show an increase of 0.2%. While the expected numbers show continued deterioration of the labor market, despite wages increasing at a lower rate than inflation so far, some could expect a surprise since the ADP report had relatively good numbers. The market will react to the report.
At 10:00 a.m., April wholesale inventories are also due for release.

Meanwhile, oil prices rose back above $130 a barrel, following the biggest single day price rise ever in dollar terms, a gain of $5.49 Thursday. The spike on Thursday came after ECB president said the bank might raise interest rates, which would of course weaken the U.S. dollar.

Meanwhile, home foreclosures soared to a new record.

In corporate news, the Federal Reserve has approved Bank of America Corp. (NYSE: BAC)'s $4 billion purchase of distressed mortgage lender Countrywide Financial Corp. (NYSE: CFC).

The Securities and Exchange Commission is investigating whether American International Group Inc. (NYSE: AIG) overstated the value of credit default swaps linked to subprime mortgages. A criminal investigation could follow, the Wall Street Journal reported.

And staying in financials, Lehman Brothers Holdings Inc. (NYSE: LEH) may pre-announce what may be its first quarterly loss since going public in 1994 as early as next week and it may raise as much as $5 billion also by early next week.