Stock futures turned higher on Friday morning after the latest employment report showed 161,000 jobs added to the U.S. economy in October. 

Futures had traded lower immediately after the jobs report was released.

S&P 500 futures were up 0.16%, Dow Jones Industrial Average futures gained 0.06%, and Nasdaq futures rose 0.1%. 

The number of jobs added to the U.S. economy came in slightly lower than expected, though August and September numbers were both revised upward. Economists anticipated 171,000 jobs to have been added to nonfarm payrolls in October.

The unemployment rate slipped to 4.9% from 5%, as expected. Average hourly earnings rose 0.4%, the highest since July, and above consensus of 0.3% growth. Earnings rose 2.8% year over year, highest since 2009. 

"Today's report is the first of two employment reports we will get ahead of the December FOMC meeting. If this labor market progress continues, we see a high likelihood of a 25bp hike at that meeting, barring other shocks. Following the November FOMC statement we bumped up our probability of a December hike to 75% and today's NFP print nudges it higher to 80%. A December hike is not a done deal, however. A key uncertainty is next week's US Presidential election and financial markets' reaction to the outcome."

The U.S. trade deficit declined 9.9% in September to $36.4 billion, its lowest level since early 2015. Exports increased 0.6%, while imports fell 1.3%. 

The Federal Reserve will make gradual rate hikes over the next two years, Atlanta Fed President Dennis Lockhart will give a speech to the National Association of Realtors in Orlando. Lockhart said he expects the economy to grow around 2% next year. 

Crude oil prices extended lows on Friday on reports Saudi Arabia could increase production as a freeze agreement among the Organization of Petroleum Exporting Countries fell apart. Crude closed at its lowest level in six weeks on skepticism any deal from OPEC could come from a meeting in Vienna later this month. 

West Texas Intermediate crude fell 1.2% to $44.13 a barrel on Friday morning. 

Starbucks (SBUX - Get Report)  climbed more than 1% in premarket trading after topping quarterly estimates on its top- and bottom-lines. The coffee chain earned 56 cents a share, a penny over expectations. Revenue jumped 16.3% to $5.71 billion, besting consensus by $30 million.

Starbucks said overall same-store sales in the quarter rose 4% for the second straight three-month period, but came in below Wall Street estimates for a 4.8% increase. Starbucks also boosted its quarterly dividend by 25% to 25 cents a share. 

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CBS (CBS - Get Report) rose 3% after besting sales and profit estimates over its third quarter. The television network earned an adjusted $1.05 a share, 7 cents above estimates, on revenue of $3.4 billion. Analysts had expected $100 million less in revenue.

CEO Leslie Moonves also commented on the prospect of reuniting with Viacom (VIAB - Get Report) , saying that "if it looks right and is structured properly, it could be an exciting opportunity." Moonves said talks are still in their very early stages. 

GoPro (GPRO - Get Report) slumped 19% in premarket trading, putting it on track to open at its lowest since June, after a weak third quarter and disappointing guidance for its fourth quarter and full year. An adjusted net loss of 60 cents a share compared with consensus of a loss of 35 cents a share. Sales slumped nearly 40% to $240.6 million, missing estimates of $313.4 million. The action camera maker anticipates fourth-quarter earnings no higher than 35 cents a share, missing consensus of 43 cents.

FireEye (FEYE - Get Report) climbed 14% after reporting a far-narrower loss than expected thanks to cost-cutting measures. The cybersecurity developer reported an adjusted loss of 18 cents a share, narrower than consensus of a loss of 31 cents. The company announced job cuts three months ago. 

Fossil (FOSL - Get Report) slid more than 3% after reporting a 4% drop in quarterly sales and warning of further declines for its fiscal year. The accessories retailer expects revenue to decline 3% to 5% over the full year. 

CenturyLink (CTL - Get Report) rose 2% after selling its data centers in a billion-dollar deal to fund its purchase of Level 3 Communications (LVLT) . The communications company sold the assets to BC Partners for $2.15 billion in cash in a deal that should close in the first quarter on next year. CenturyLink's $25 billion acquisition of Level 3 was announced earlier this week.