Here are the most important news, trends and analysis that investors need to start their trading day:
1. U.S. stock futures flat after disappointing jobs report
U.S. stock futures were flat and the 10-year Treasury yield rose after the government's monthly employment report was a huge disappointment. The S&P 500 and Nasdaq saw record high closes Thursday as weekly initial jobless claims hit their lowest levels since the early days of the Covid pandemic in March 2020. The Dow Jones Industrial Average broke a three-day losing streak, ending 0.5% away from its latest record close last month. Ahead of Friday's open, the Dow was flat for the week, while the S&P 500 and Nasdaq were higher for the week.
2. August nonfarm payrolls gains post huge miss
The economy only created 235,000 new nonfarm jobs in August, the Labor Department said Friday, a huge miss compared to estimates of 720,000. The nation's unemployment rate dropped to 5.2% from 5.4%, in line with estimates.
The report provides critical guidance for the Federal Reserve in its process of deciding when to begin trimming its bond purchases. Speaking at the central bank's annual economic summit last week, Fed Chairman Jerome Powell said he would still like to see more progress in the labor market before tapering.
3. Bitcoin again tops $50,000; ether nears $4,000
Bitcoin traded back above $50,000 on Friday after briefly topping that level late last month. The world's largest cryptocurrency hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping for a time below $30,000. But since mid-July, bitcoin has been rising steadily. Ether, the second largest digital coin, traded just below $4,000 on Friday. Ether surged past that level in May to an all-time high nearly $4,200. The total global crypto market, 40% of which is bitcoin, is valued at nearly $2.3 trillion, according to CoinMarketCap.
4. Sen. Manchin opposes Dems' $3.5 trillion budget
Sen. Joe Manchin of West Virginia is urging his Democratic Party leaders to "pause" their consideration of a massive $3.5 trillion spending bill. Democrats aim to approve the measure, which would invest in climate policy and social programs, in the coming weeks without Republican support. While voting last month to advance the $3.5 trillion budget resolution, Manchin and Democratic Arizona Sen. Kyrsten Sinema signaled they would oppose the final bill unless the price tag was cut. Democrats hold the majority in the 50-50 Senate because the vice president breaks tie votes.
5. Biden to tour Ida damage in Louisiana, days after storm wallops Northeast
President Joe Biden is set to visit Louisiana on Friday to survey damage left behind after Hurricane Ida crashed ashore. The storm has killed at least 13 people in the Gulf Coast region and at least 46 in the Northeast. The remnants of Ida dumped devastating rain across five states, including New York and New Jersey, on Wednesday and early Thursday. The highest death toll was in New Jersey, where at least 23 people died, many of whom drowned after their vehicles were caught in flash floods.
— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC's coronavirus coverage.