US Markets

Dow futures add 100 points after huge jobs beat

June nonfarm payrolls increase by 287,000
June nonfarm payrolls increase by 287,000

U.S. stock index futures extended gains Friday after the June nonfarm payrolls report exceeded expectations with a headline figure of 287,000.

"This is really good news. It's not going to change monetary policy in the near term because we're still unraveling the effects of the (EU) referendum," said Art Hogan, chief market strategist at Wunderlich Securities.

Dow futures added more than 100 points. The U.S. dollar index briefly reversed losses before trading about 0.3 percent lower.

The euro was near $1.110 and the yen was around 100.0 yen versus the greenback as of 9:14 a.m. ET.

Treasury yields initially rose before edging off highs, with the 10-year yield lower around 1.37 percent and the 2-year yield near 0.61 percent. The 30-year yield was around 2.10 percent.

The jobs report "says we ended the quarter strong and the earnings probably intact," Hogan said, noting the upcoming earnings reporting season probably marks an inflection point in profit growth.

Friday's June employment report was expected to show a rebound to 175,000 nonfarm payrolls, from May's stunningly weak 38,000, according to Thomson Reuters. The jobs data is especially key since the shock slowdown in May hiring was one reason the Federal Reserve cited for leaving interest rates unchanged at its meeting last month.

U.S. stocks closed mixed Thursday as sharp declines in oil prices weighed. New private sector jobs data - often used as a gauge for the nonfarm payrolls figure - saw a rise by 172,000 in June, versus consensus expectations of 159,000, according to a report Thursday from ADP and Moody's.

Consumer credit is due at 3.00 p.m. ET.

In Europe on Friday, stocks reversed early losses to trade slightly higher with bank stocks outperforming ahead of U.S. jobs data. Asian markets were mostly lower overnight, amid lower oil prices and caution ahead of the all-important U.S. data.

—CNBC's Patti Domm and Evelyn Cheng contributed to this article.