U.S. stock index futures moved higher in premarket trading on Friday as the market awaited the release of the September employment report.

S&P 500 futures gained 0.4%, Dow Jones futures rose 202 points, or 0.4%, and Nasdaq futures climbed 0.6%.

Treasury yields edged slightly lower early Friday before trading roughly flat.

The September jobs report will take center stage on Friday. The consensus forecast surveyed by Dow Jones calls for a gain of 84,000 jobs, with the unemployment rate holding steady at 4.1%.

The report arrives as traders reassess the Federal Reserve's next policy move. Federal funds futures show a 72% probability that the Fed will keep rates unchanged in October.

Christopher Hodge, chief U.S. economist at Natixis Americas, said that even a strong jobs report would likely not prompt the Fed to raise rates in October, as the prevailing market view holds that the labor market remains broadly stable.

Hodge expects manufacturing and construction jobs to grow, driven by the wave of data center construction. "We expect nonfarm payroll gains to slow from August's torrid pace but still remain solid. We forecast 60,000 new jobs. If that forecast materializes, the three-month moving average of job gains would reach 81,000," Hodge said.

Oil prices retreated from recent highs following reports that some European countries are considering releasing strategic fuel reserves. The Trump administration urged European allies to release reserve oil products "immediately."

Front-month Brent crude was last down nearly 3% at $99 a barrel, while U.S. West Texas Intermediate crude fell about 4% to $89 a barrel.

On Thursday, U.S. stocks closed slightly higher to kick off the first trading day of October. However, all three major indexes are on track to end the week lower, with the Dow down 1.7% for the week.

The backdrop weighing on stocks has been a global bond market selloff. Treasury yields surged to multi-year highs on Thursday before pulling back sharply.

The benchmark 10-year Treasury yield spiked to 5.344%, the highest since 2002, before falling back to 5.21%. The 30-year Treasury yield also touched a 24-year high before retreating quickly.

Despite the violent market swings, Luca Paolini, chief strategist at Pictet Asset Management, said global equities are poised to "continue to strengthen," driven by robust earnings.

"After nine months of gains in stocks, combined with the recent surge in Treasury yields, equity valuations look stretched relative to fixed income. But we believe earnings growth remains the more fundamental market driver. MSCI All-Country World Index constituents are on track for earnings growth of more than 30% this year, and emerging market corporate profits could rise by more than 65%," he wrote in a Friday morning research note.

In focus stocks, Nike shares fell more than 10% after first-quarter revenue missed the LSEG consensus estimate. The company reported a 4% decline in sales, dragged down primarily by lower revenue from its China business, and announced plans to implement layoffs in 2027.

Following reports that ON Semiconductor will acquire Synopsys for $123 per share in cash, Synopsys shares jumped more than 14%, while ON Semiconductor rose more than 7%. The deal was previously valued at $7 billion and has now fallen to $5.7 billion.

Medical device company Nexalin announced Thursday that it signed a 10-year distribution and manufacturing agreement with Inovanexa Medical Technology, sending its shares down more than 18% in premarket trading. Under the agreement, the company's Nexalin Sync neurostimulation device is approved for distribution and sale in seven South American countries.

Seed and gene technology company Vylor edged higher after being added to the S&P 500 on Thursday. Vylor was spun off from Corteva the same day and will replace Corteva in the S&P 500, while Corteva moves to the S&P MidCap 400 index.

Toshiba announced it will double its hard drive production capacity for data centers and invest $380 million to expand its Philippine factory. Following the news, Seagate Technology shares fell more than 11%, and Western Digital dropped more than 8%. The Japanese company competes with Western Digital and Seagate as a leading player in the hard disk drive (HDD) market.