Stock index futures fell on Friday, tracking European equities and the euro lower, as investors looked ahead to the May non-farm payrolls report that could signal the pace of an economic recovery.

The closely watched report is expected to show that 513,000 non-farm jobs were added to the U.S. economy, with a boost from Census Bureau hiring, compared with an increase of 290,000 in April, and possibly the biggest monthly gain since September 1983. The report is due at 8:30 a.m. EDT.

The unemployment rate is seen at 9.8 percent versus 9.9 percent in April.

The payrolls data will come a day after a private employment report and weekly jobless claims data showed an improved labor market, though not as good as expected.

The euro hit a lifetime low against the Swiss franc and dropped to its weakest level against the dollar in more than four years.

European shares turned negative as the banking sector moving lower, led by Societe Generale on concern about its derivatives division.

Hungarian officials said the country's budget was in much worse condition than the previous government had stated, raising new fears about sovereign debt burdens in Europe.

S&P 500 futures fell 8.6 points and were below 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 sank 60 points and Nasdaq 100 futures dropped 15.5 points.

BP Plc made promising strides in its latest bid to stop the massive oil spill in the Gulf of Mexico and capture oil spewing from a ruptured well. BP's U.S.-listed shares were down 0.7 percent to $39 in premarket trading.

Policymakers from the Group of 20 nations expressed concern Friday about the health of the world economy as they closed ranks behind the euro zone's efforts to tackle a debt crisis that has rattled global markets.

Martek Biosciences Corp reported second-quarter earnings late Thursday that beat expectations and forecast full-year revenues above consensus.

Three top Federal Reserve officials said Thursday it may soon be time to begin raising interest rates as the U.S. economic recovery gathers momentum despite persistently high unemployment.

Wall Street rose for a second straight day on Thursday, with the Nasdaq advancing 1 percent on a late-day surge in technology shares.

(Editing by Jeffrey Benkoe)