As of 5 a.m. ET, Dow futures indicated a positive open of more than 40 points. S&P 500 futures were also in positive territory while Nasdaq futures suggested a lower open.
On Thursday, Wall Street closed in positive territory, seeing its best January since 1987. Strong earnings and an indication from the Federal Reserve that it will pause rate hikes boosted investor confidence.
Money managers are keeping an eye on trade talks between China and the United States. Both negotiating teams have said they made "important progress." President Donald Trump also said he would soon meet with Chinese premier Xi Jinping to try to reach a comprehensive trade deal. Stocks had taken heart from the possibility of top-level trade talks over the coming weeks, but the upbeat mood soon cooled when the White House insisted it sees March 1 as a hard deadline for a deal.
Earlier on Friday, a survey showed Chinese factory activity falling to its lowest level since February 2016. The downbeat data exacerbated fears of an economic slowdown.
In terms of U.S. data, the monthly employment report will be out at 8.30 a.m. ET. U.S. nonfarm payrolls likely increased by 170,000 in January, while the unemployment rate was expected to hold steady at 3.9 percent, according to economists surveyed by Dow Jones. There is also an ISM manufacturing index due out at 10 a.m. ET.
Exxon Mobil, Chevron, and Merck will be out with quarterly earnings this morning, along with Honeywell, Illinois Tool Works, Johnson Controls, and KKR.
—CNBC's Sam Meredith contributed to this article.