* Durable goods orders fall but business spending rebounds
* Petrobras raises $70 billion in largest offering ever
* Futures up: S&P 12.70 pts, Dow 109 pts, Nasdaq 23.75 pts (Updates with durable goods data)
By Angela Moon
NEW YORK, Sept 24 (Reuters) - Wall Street was set to open trading up more than 1 percent on Friday after a rebound in August orders for most categories of big-ticket items, suggesting a modest improvement in the economy.
Overall, new orders for long-lasting U.S. manufactured goods fell more than expected in August to post their largest decline in a year as bookings for aircraft and motor vehicles tumbled. But excluding transportation, orders rose more-than-expected, suggesting a healthy rebound.
"The better-than-expected data is great to see and hopefully an extension of businesses using healthier balance sheets to invest," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
Investors will now shift focus to U.S. new home sales data for August, due at 10 a.m. Housing-related reports have been closely eyed recently after the expiration of the homebuyer tax credit in the spring. Analysts expect an annual sales rate of 290,000 units, up from 276,000 the month before.
S&P 500 futures rose 12.7 points and were above 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 rose 109 points, and Nasdaq 100 futures gained 23.75 points.
Nike Corp rose 5.6 percent to $82 in premarket trade after the company reported stronger-than-expected orders and profit late on Thursday.
Advanced Micro Devices Inc also rose 1.9 percent to $6.52 after the company updated its third-quarter outlook.
Boosting investor sentiment was the share offering of Brazilian state oil company, Petrobras. The sale of nearly $70 billion in shares surpassed expectations, erasing concerns that stocks were less attractive assets.
Investors will also closely watch developments in the currency markets after the dollar rose sharply against the yen on talk that Japanese authorities were buying dollars in their second round of intervention this month. There was no immediate confirmation from Japanese officials.
U.S. gold futures surged to an all-time high at $1,300 an ounce in European trading on Friday as investors turned to the precious metal as a refuge from volatility on the currency markets.
Thursday's stock trading volume was low, about 20 percent less than the daily average last year, continuing a recent trend and adding to worries the recent rally might lack conviction.