Stock futures held onto gains on Friday morning even after the U.S. jobs report in May missed forecasts.

S&P 500 futures were up 0.08%, Dow Jones Industrial Average futures gained 0.17%, and Nasdaq futures rose 0.2%. Wall Street stepped into June with confidence on Thursday with each of the three benchmark indexes scoring new all-time highs. The S&P 500 and Nasdaq notched new intraday and closing records, while the Dow ended at its highest level ever.

The nonfarm payrolls report for May showed 135,000 jobs having been added to the U.S. economy, according to the Labor Department. Economists had expected 178,000 jobs in May. Both April and March figures were reduced: April's was cut to 174,000 from 211,000, while March was revised to 50,000 from 79,000. 

The unemployment rate fell by 10 basis points to 4.3%, according to FactSet estimates, surprising analysts expecting the figure to hold steady. The unemployment rate fell to its lowest level since 2001. Average hourly wages increased 0.2% to $26.22, in-line with estimates. 

"Today's jobs number is disappointing, but the overall trend is still very positive and the unemployment rate continues to decline," said Tony Bedikian, head of global markets at Citizens Bank. "The U.S. economy is showing other signs of strength as well and the market is still forecasting that the Fed will raise rates later this month."

Friday's jobs report could color investors' expectations for the pace of interest rate hikes for the rest of the year. The Federal Open Market Committee, the decision-making arm of the Federal Reserve, is next set to meet June 13-14. Wall Street has priced in a nearly 89% chance of a 25-basis-point increase to the federal funds rate when the FOMC meets, according to CME Group fed funds futures.

The U.S. trade deficit widened by 5.2% to $47.6 billion in April. Exports fell by 0.3%, while imports increased 0.8%.

The economic calendar in the U.S. on Friday also includes Baker-Hughes weekly rig count in the afternoon.

Global crude prices fell sharply Friday on concerns Donald Trump's decision to leave the Paris Accord on climate change could spark increased drilling and production rates from American oil companies. Trump pledged to quit the nearly-200 nation agreement on the campaign trail, but after his election hope surged that he might change his mind. Prices have already been under pressure in recent days on worries over a global supply imbalance. 

West Texas Intermediate crude was down 2% to $47.39 a barrel. 

Lululemon (LULU) rocketed 15% higher after reporting a positive quarter and announcing restructuring plans. The athletic apparel brand earned an adjusted 33 cents a share, 3 cents higher than a year earlier and a nickel above expectations. Sales also exceeded estimates. Lululemon also announced that it would close around 40 of its 55 Ivivva-branded stores and fold the remainder into the larger brand's locations. 

Hovnanian (HOV)  is expected to report earnings on Friday.

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