Dow and S&P 500 Futures Rise as Labor Market Data Disappoints

U.S. stock futures rose on Friday, following Thursday's lower close, as the Dow Jones, S&P 500, and Nasdaq 100 indices increased.

The labor market unexpectedly cooled in July with nonfarm payrolls dropping by 23,000, sharply missing FactSet's forecast of a 97,500 gain. The unemployment rate ticked down to 4.1%, beating expectations of 4.2%, while average hourly earnings remained essentially flat at $37.62.

Iran and Oman continued negotiations on a proposed framework for the Strait of Hormuz that would give them more control over the strategic shipping route.

The Federal Reserve is expected to raise interest rates in September, with markets pricing a 54.7% likelihood of a hike during the meeting.