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US stock futures trade higher after jobs report disappoints

U.S. stock index futures pointed to a slightly higher open Friday after the release of a disappointing jobs report.

Dow Jones industrial average futures rose 37 points, while S&P 500 and Nasdaq 100 futures advanced 2.75 points and 35.25 points, respectively.

The U.S. economy added 261,000 jobs last month. Economists polled by Reuters expected a gain of 310,000 jobs. The report also showed average hourly earnings remained flat for October.

Other data set for release Friday include the U.S. Services PMI, followed by factory orders and the non-manufacturing ISM report on business.

On the earnings front, Bloomin' Brands, Cinemark, and Sotheby's were among the companies that reported earnings before the bell. No major companies are expected to report after the close.

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Scott Eells | Bloomberg | Getty Images
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Looking to the central bank space, investors are likely to still be digesting the news that President Donald Trump nominated Fed Governor Jay Powell as the person to take on the role as head of the U.S. Federal Reserve from February 2018. Powell will be replacing current Chair Janet Yellen when her tenure expires.

Switching back to today's session, Minneapolis Fed President Neel Kashkari is set to participate in a luncheon, discussing a variety of topics at a Women in Housing & Finance event in Washington.

In politics, House Republicans unveiled a plan Thursday to overhaul the tax code. As part of that reform package, the GOP aims to permanently lower the corporate tax rate to 20 percent. The House bill would also slash the number of income tax brackets from seven to four.

President Trump will be beginning his trip to Asia on Friday, stopping off in countries including Japan and China to strengthen the U.S.' relationship with Asian nations.

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Looking to markets, European stocks were mostly higher during market trade, while markets in Asia closed mostly mixed. In the previous session, U.S. stocks finished mostly higher as investors examined the details of the tax-reform plan.

—CNBC's Christine Wang contributed to this report