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Stock futures fluctuate; jobs report tops estimates

U.S. stock futures fluctuated on Friday, with benchmark Treasury yields shooting higher, after the monthly jobs report had the economy adding 321,000 jobs in November, exceeding expectations.

The unemployment rate remained unchanged at 5.8 percent, with nonfarm payrolls posting their tenth consecutive month above a 200,000 reading.

Read MoreWe've got the jobs, but show us the money

"The net of this is it's a continuation of strong jobs creation; we'd like the participation rate to go up, we'd like wage pressure, but we're creating jobs, the more we do that, the more we are going to start to see that," said Art Hogan, chief market strategist at Wunderlich Securities.

The yield on the 10-year Treasury yield jumped 8 basis points to 2.3172 percent.

"That's the right reaction, you should see yields trending higher in an improving economy," said Hogan.

The report came as the International Labour Organization warned that annual wage growth in developed economies fell to just 0.1 percent in 2012, and 0.2 percent in 2013, and was in danger of dragging economic performance down.

Other data releases due on Friday include the latest trade report, factory orders and consumer credit data, all for October.

European shares traded higher, a day after comments by European Central Bank President Mario Draghi.

Read MoreWhat happens when jobs data surprises

The ECB opted to keep monetary policy unchanged, prompting a rebound in the euro. Those hoping that Draghi would announce a start to sovereign bond purchases were disappointed, but there were reports later in the day that the bank would launch additional quantitative easing measures in early 2015.

Closely-watched bond investor, Bill Gross, lambasted central banks around the world for unconventional monetary easing and advised investors to curb risk-taking going into 2015.