* Major indexes coming off two days of losses
* First Solar jumps after results, outlook
* ISM manufacturing index on tap, seen edging lower
* Futures up: Dow 39 pts, S&P 3.4 pt, Nasdaq 7.5 pts
By Ryan Vlastelica
NEW YORK, Nov 1 (Reuters) - U.S. stock index futures edgedslightly higher on Friday, indicating a Wall Street reboundfollowing two days of losses spurred by concerns over FederalReserve policy.
Equities have been pressured since a Fed statement onWednesday raised concerns about when the central bank wouldbegin to scale back its stimulus program, which has contributedto the S&P 500's advance of 23 percent this year.
The rally this year has taken the Dow and S&P repeatedly torecord highs, leading some analysts to call for a pullback,especially amid some signs of slowing growth, like weak economicdata and an earnings season marked by tepid revenue.
"Investors continue to buy the dips as they believe the Fedwill hold steady for a while, and that's helping to give us abounce today," said Robert Pavlik, chief market strategist atBanyan Partners LLC in New York.
"I would be somewhat cautious about reentering the market soquickly, since there still are headwinds out there and wehaven't pulled back very much from our highs."
Investors await the Institute for Supply Management'sOctober read on manufacturing, due at 10:00 a.m. EDT (1400 GMT).The index is seen falling to 55 from 56.2 in the previous month.Results from Chevron Corp are also on tap.
Recent economic data has been mixed, with the most recentADP National Employment Report coming in below expectations butthe Chicago Purchasing Manager's Index sharply above forecasts.While weak data has been a concern, strong data has spurredselling on expectations it may encourage the Fed to slow itsstimulus - something the central bank has said it would do oncegrowth meets its targets.
S&P 500 futures rose 3.4 point and were above fairvalue, a formula that evaluates pricing by taking into accountinterest rates, dividends and time to expiration on thecontract. Dow Jones industrial average futures added 39points and Nasdaq 100 futures rose 7.5 points.
For the week thus far, both the Dow and S&P are down 0.2percent, coming off three straight weeks of gains, while theNasdaq has slipped 0.6 percent.
In its statement, the Fed said it would keep buying $85billion of bonds per month, but removed a phrase from a previousstatement expressing worries about credit conditions, which someinvestors interpreted as a sign that the Fed could begintapering earlier than expected. Previously, market participantswere anticipating that the stimulus plan would not change untilat least early next year.
In company news, American International Group Inc reported third-quarter earnings late Thursday that slightly beatexpectations, though analysts had expected better results in theinsurer's consumer lines business.
Solar companies will be in focus after First Solar Inc posted results that beat expectations and raised itsfull-year profit outlook. Shares jumped 8.3 percent to $54.50 inpremarket trading.
With about 71 percent of S&P 500 companies having reported,68.2 percent have topped Wall Street's expectations, above thelong-term average of 63 percent, according to Thomson Reutersdata. However, only 53.6 percent have topped revenue forecasts,below the 61 percent average since 2002.
"Earnings have generally been positive, but it isn'timpressive that companies are able to meet loweredexpectations," Pavlik said. "The weak revenue is concerning."
U.S. shares of Vodafone Group edged 0.1 percentlower to $36.81 following a Bloomberg report which said AT&T Inc was exploring strategies for a potential takeover of theBritish mobile operator, citing people familiar with the matter.
Vodafone (VOD)
