Stock futures were higher on Friday after a strong May jobs report and news late Thursday the Senate passed the debt ceiling bill, clearing investor fears over both a US debt default and worries about a marked slowdown in the economy.

Futures tied to the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) rose about 0.6% on Friday while Nasdaq future (^IXIC) were higher by closer to 0.4%.

The May jobs report, scheduled for release at 8:30 a.m. ET, could help determine whether the Federal Reserve hikes interest rates at its next meeting in June.

Nonfarm payrolls for May are set to rise by 195,000 while the unemployment rate is expected to tick up to 3.5%. In April, the US economy added 253,000 nonfarm payroll jobs while the unemployment rate fell to 3.4%.

Meanwhile, debt ceiling fears are diminishing among investors as the Senate voted to approve a bill that will raise the U.S. debt ceiling for two more years. Easing debt ceiling worries propelled stocks higher on Thursday, with all three of the major averages closing the first day of June in the green.

On the earnings front, athletic apparel brand Lululemon (LULU) posted better-than-expected results and boosted its full-year revenue guidance. Lululemon now expects full-year revenue in a range of $9.44 billion to $9.51 billion. Previous guidance had been for a range of $9.3 billion to $9.41 billion.

"LULU continues to exhibit strong momentum, driven by product innovation, investments in growth/demand creation, and the benefit of not being exposed to the wholesale channel," Wedbush Securities analyst Tom Nikic wrote in a note to clients on Friday morning.

Josh is a reporter for Yahoo Finance.

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