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Futures lower on US jobs report

U.S. stock index futures signaled a lower open on Friday after fluctuating as investors digested February's employment report.

"It's wages they're concerned about. Average hourly earnings can't get lift off here," said John Canally, strategist and economist at LPL Financial. He doesn't see the Fed hiking until wage gains strengthen.

The report, showed a gain of 295,000, above expectations of 240,000 in February, down from 257,000 in January. The unemployment rate fell to 5.5 percent, while hourly wages ticked up 0.1 percent, below consensus and off the surprise 0.5 percent gain in January.

"The labor market is tightening but it's not tightening enough to push average hourly earnings," Canally said.

Bond yields rose, with the U.S. 10-year Treasury note yield at 2.20 percent, on increased anticipation of an interest rate hike sooner rather than later.

"I think a 5.5 percent unemployment rate clinches a June rate hike. which means 'patient' comes out in a week and a half," said Peter Boockvar, chief market analyst at The Lindsey Group.

Read MoreSurge! Job creation jumps despite tough winter

"I don't really think much of it. I would have liked to see something more dramatic in one direction or another. I think the economy is flattening out. People can look at it and pull anything they want. Labor force participation seems stuck."said Gary Chaison, professor at industrial relations at Clark University.

However, he said "I think this will give some encouragement to the Fed to act next month (which is thinking) we have to get here. We have to jump start the system."

Traders work on the floor of the New York Stock Exchange in New York City.
Getty Images
Traders work on the floor of the New York Stock Exchange in New York City.

Trade balance data for January showed $41.75 billion, a decrease from December's $45.60 billion.

Consumer credit comes at 3:00 p.m. ET.

Apple will join the Dow Jones industrial average this month, replacing AT&T, Dow Jones reported on Friday.

Major earnings on Friday include Foot Locker and Staples, which both report before market open.

Staples reported a 3.7 percent fall in quarterly sales, as a strong dollar and waning demand for computers and accessories hurt profits.

The office supply retailer posted a net loss attributable to the company of $260.4 million, including a pre-tax charge of $410 million as a result of impairment of goodwill in its international operations. Shares in the firm dipped in pre-market trading.

On Thursday, the European Central Bank announced will start its 1 trillion euro ($1.1 trillion) bond-buying program on Monday, March 9, with expectations to end in September 2016, President Mario Draghi said during a press conference

Draghi also raised regional growth forecasts for 2015 and 2016 to 1.5 percent and 1.9 percent, respectively.

The Euro breached $1.09 after the jobs report on Friday.

Read MoreDon'tbe too patient on rate hikes: Fed's Williams

President and CEO of the Federal Reserve Bank of San Francisco, John Williams, said he believed the federal funds rate should be lifted before inflation reached the Fed's preferred 2 percent goal in a speech delivered in Honolulu Thursday.

Dallas Fed President Richard Fisher is also due to speak on the state of the economy in Dallas later on Friday.

European equities were mostly flat in morning trade on Friday as investors looked ahead to the release of jobs data in the U.S. and reacted to a drop in metal prices.

As of its close on Thursday, the S&P 500 was within 1.5 standard deviations of its 50-moving day average. Since 1980 the index has been in this position 8.31 percent of all trading days, according to quantitative analytics tool Kensho.The probability of the index moving lower in the days following is 54.8 percent and the probability of it moving higher is 45.2 percent.

As of its Thursday close, the Dow Jones industrial average was within 1.5 standard deviations of its 50-moving day average. Since 1981 the index has been in this position 8.36 percent of all trading days, according to Kensho. The probability of the index moving lower in the days following is 60.5 percent and the probability of it moving higher is 39.5 percent.

The Nasdaq Composite was within 2 standard deviations of its 50-day moving average, as of its close on Thursday. Since 1980 the index has been in this position for 9.28 percent of all trading days, Kensho data showed. The probability of the index moving lower in the days following is 75.7 percent and the probability of it moving higher is 24.3 percent.

Disclosure: CNBC's parent NBCUniversal is a minority investor in Kensho.