U.S. stock index futures indicated a higher open on Friday as investors digested the April jobs report.
The Dow futures tripled from about 50 points to as much as 191 points on the jobs report, which was in-line with expectations. (Tweet This) Bond yields edged lower, with the 10-year falling as low as 2.12 percent.
"Probably best scenario in which the market was hoping for growth but not (so strong) that the Fed needs to hike in June," said Ryan Larson, head of U.S. equity management at RBC Global Asset Management (U.S.).
He noted that the economy remains on a moderate growth track, with a downward revision to March's disappointing report for the weakest figure since June 2012.
April's jobs report showed a creation of 223,000 jobs and an unemployment rate of 5.4 percent. Average hourly earnings increased 0.1 percent, a touch below expectations of 0.2 percent.
Peter Boockvar, chief market analyst at The Lindsey Group, said the muted gains in wages that would likely push out a rate hike were the primary driver for the jump in stock futures.
Analysts polled by Reuters expect the nonfarm payrolls report to show the creation of 224,000 jobs in April, with unemployment lower at 5.4 percent.
Art Hogan, chief market strategist at Wunderlich Securities, said that "markets can stabilize here" until the next employment report as growth in the second quarter continues to show signs of slight improvement.
"9 out of 10 for April's activity have been better than March," he said. " We're heading in the right direction and that should be bullish. We'll still have just a sigh of relief from jobless numbers that did no harm."