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Futures turn lower after big jobs miss

U.S. stock index futures pointed to a lower open Friday after the May jobs report showed creation of 38,000 jobs, well below expectations.

Futures had pointed to a flat to slightly higher open ahead of the report and turned to trade slightly lower after the report. Dow futures were last trading about 60 points lower.

The U.S. dollar index reversed to trade more than 0.8 percent lower.

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Treasury yields fell, with the 2-year yield last near 0.8 percent and the 10-year yield around 1.74 percent.

Headline unemployment was 4.7 percent. The labor force participation rate was 62.6 percent. Average hourly earnings rose 0.2 percent.

The Commerce Department says the trade deficit increased 5.3 percent in April to $37.4 billion, up from an imbalance of $35.5 billion in March, according to the Associated Press. Exports increased 1.5 percent to $182.8 billion but imports rose faster, increasing 2.1 percent to $220.2 billion.

In other economic news, ISM non-manufacturing data and factory orders are set to be released at 10:00 a.m.

In an interview with CNBC before the jobs data release, Chicago Fed President Charles Evans said that the timing of a rate hike was "not really that important."

"Two rate hikes in 2016, that's my own call for that, if the data continue to be in line with my outlook, that's a slow and gradual increase this year," said Evans, an alternate member of the Federal Open Market Committee.

"Timing's not really that important, you mentioned possibly two summer hikes, that would be a little bit more than I'd say is … priced in to the dots certainly and the market expectations," Evans added.

"Timing's not really that critical for my viewpoint, as long as by the end of this year we're at just a little under 1 percent," Evans added.

Fed Governor Lael Brainard is set to give a speech on economic outlook and monetary policy at 12:30 p.m. ET.

Oil traded lower, with U.S. crude futures just below $49 a barrel and brent near $49.80 a barrel.

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The pan European Stoxx 600 Index was up 0.6 percent on Friday.

In Asia, Japan's Nikkei closed 0.48 percent higher on Friday. In China, the Shanghai Composite closed 0.44 percent higher.

— CNBC's Patti Domm contributed to this report