U.S. stock futures and Treasury yields declined on Friday after a disappointing jobs report .
The stock market's knee-jerk reaction immediately after the data was to cut losses on thinking the number offset concerns about the Federal Reserve removing stimulus sooner rather than later.
"With respect to the market, the rally in the S&P futures off a big miss still reflects the drug junkie attitude of anything that backs off the Fed is somehow good," emailed Peter Boockvar, chief market analyst at the Lindsey Group.
After erasing losses, stock-index futures turned lower, with Dow futures off 50 points.
The yield on the 10-year Treasury note turned lower, falling from 2.467 percent ahead of the payrolls data and lately down 5 basis points at 2.405 percent.
The Labor Department reported Nonfarm payrolls added just 142,000 jobs even as the jobless rate declined to 6,.1 percent. Economists had expected payroll growth of 225,000 last month.
Read MoreTrack US stock-index futures
"Stock watch
No significant corporate earnings are due. Stocks to watch include BP, which Citigroup updated to "buy" with a price target of 510 pence on Friday, from "neutral" with a target price of 480 pence. Shares of BP fell sharply on Thursday after a U.S. federal judge ruled the company had acted with gross negligence in the 2010 oil spill in the Gulf of Mexico that killed 11 people.
Read MoreBP: Is now the time to buy?
Tesla Motors Chairman Elon Musk confirmed late on Thursday that Nevada has been selected as the official site for the "Gigafactory"—billed as the world's largest and most advanced battery factory.
Investors are also watching peace talks between Ukraine's president and pro-Russian rebels on Friday. Events in Ukraine—and Iraq—are under discussion at the NATO summit in south Wales, where President Barack Obama and other world leaders have met.
Read MoreShelling heard ahead of Ukraine cease-fire: report
Investors booked profits in Europe on Friday, after the European Central Bank announced a trio of interest rate cuts as well as non-government bond-buying program.
"Expectations were high heading into the meeting and the European Central Bank certainly went above and beyond," Stan Shamu, market strategist at brokerage IG, said in a note.
—By CNBC's Katy Barnato