Futures point to higher open; HP rallies

NEW YORK (Reuters) - U.S. stock index futures pointed to a higher open on Monday, indicating Friday's rally could continue as investors grow more confident in the economy's strength and Federal Reserve policy.

Tech shares will likely be in focus after Hewlett-Packard Co said it would split into two public companies. Shares of the computer company rose 7.2 percent to $37.75 in heavy premarket action.

The S&P 500 index posted its best day since August on Friday, lifted by a stronger-than-expected jobs report that boosted optimism about the economy, though the Federal Reserve was not seen as speeding up its timeline for raising interest rates.

As of Friday's close, the S&P 500 was about 2.2 percent away from its record close. The Russell 2000 <.TOY> was down 8.6 percent from its record. Last week, the small-cap index fell more than 10 percent from its peak, putting it into correction territory and raising concerns the weakness could spread to the broader market.

The S&P 500 had fallen 4.6 percent from its record intraday high to its recent intraday low. While the decline is less than half of the 10 percent drop that indicates a correction, which the benchmark index hasn't undergone since 2012, it fell below its 150-day moving average for the first time since November 2012. It subsequently rebounded back above that level but remains under its 50-day average, which could serve as a resistance level against further gains.

Market volatility has been higher of late, with equities notching big swings amid unrest in Hong Kong and concerns about Ebola in the United States. Those issues could continue to drive trading. The CBOE Volatility index <.VIX> ended Friday at 14.55, well below its long-term average of 20.

Futures snapshot at 8:52:

* S&P 500 e-minis were up 8.25 points, or 0.42 percent, with 183,886 contracts changing hands.

* Nasdaq 100 e-minis were gaining 13.5 points, or 0.34 percent, in volume of 33,121 contracts.

* Dow e-minis <1YMc1> were up 74 points, or 0.44 percent, with 28,918 contracts changing hands.

(Editing by Alden Bentley and Nick Zieminski)