Stock futures remained in a tight range following the jobs report's release, but U.S. Treasurys and the dollar whipsawed.
The benchmark 10-year yield hit 2.11 percent before jumping to 2.155 percent. The dollar, meanwhile, traded more than half a percent lower before holding slightly above breakeven.
"I think the stock market is a bit of a victim of timing because, if you look at the Treasury market, it had a pretty strong reaction to the report," said JJ Kinahan, chief market strategist at TD Ameritrade. "Yesterday we had a rally to close out the month and we also had North Korea and Harvey earlier this week."
Friday's report showed that August marked the 83rd straight month of jobs growth. But a slowdown could take place in September and October after Houston was ravaged by a storm which has shut down the city.
"You're not going to see hiring activity [in Houston] for a few weeks and that is going to take a chunk out of the survey next month," said Andrew Chamberlain, chief economist at Glassdoor. "Houston being on of the biggest cities in the U.S. and the energy capital of the country ... could be a risk moving forward."
Other data released Friday included construction spending for July, which hit a nine-month low, and national factory activity for August, which expanded more than expected.
—CNBC's Jeff Cox contributed to this report.