Here are the key events taking place on Friday that could impact trading.
JOBS REPORT: The key economic report of the week, the August employment report out Friday morning, is expected to show a solid jobs market that’s starting to cool off.
Economists anticipate the Labor Department to say the U.S. economy added 300,000 new nonfarm jobs in August. That’s down from a blowout gain of 528,000 in July.
"If the consensus among economists is close to correct, the number of jobs added in August will be the lowest in over a year," said Mark Hamrick, senior economic analyst at Bankrate.com. "At the same time, the unemployment rate sits at 3.5%, the lowest point since the pandemic, matching a decades low level."
The manufacturing sector likely added 20,000 jobs in August, trailing the larger-than-expected increase of 30,000 the prior month.
Look for hourly earnings to increase 0.4% month-over-month and to jump 5.3% from a year ago.
LULULEMON: Shares gained more than 9% in after-hours trading after the company reported fiscal second-quarter net income of $289.5 million.
On a per-share basis, the company said it had net income of $2.26. Earnings, adjusted for non-recurring gains, came to $2.20 per share, beating expectations.
The athletic apparel maker posted revenue of $1.87 billion in the period, also topping Street forecasts.
For the current quarter ending in October, Lululemon said it expects revenue in the range of $1.78 billion to $1.81 billion. Analysts expectations are for revenue of $1.73 billion.
The company expects full-year earnings in the range of $9.75 to $9.90 per share, with revenue ranging from $7.87 billion to $7.94 billion.
PAGERDUTY: Shares gained 8% in after-hours trading following the company's latest results.
The San Francisco-based company said it had a loss of 44 cents per share. Losses, adjusted for stock option expense and amortization costs, were 4 cents per share.
The results topped Wall Street expectations.
The software developer posted revenue of $90.3 million in the period, also beating Street forecasts.
For the current quarter, PagerDuty expects its results to be a loss of 3 or 4 cents per share with a revenue range of $92 million to $94 million.
OIL'S LOSING WEEK: Benchmarks are on track for a steep weekly decline as fears of China's COVID-19 curbs and weak global growth weighed on the market.
Oil was higher Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5.
U.S. West Texas Intermediate crude futures traded around $88.00 a barrel.
Brent crude futures were around $94.00 a barrel.
Both benchmark contracts slid 3% in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 7%, and WTI was on track to fall about 5% for the week.
MARKET HOLIDAY: Monday is Labor Day and a market holiday. U.S. equity and bond markets will be closed.
Equity futures will trade Monday until 1:00 PM ET.
Energy & Metals futures will trade until 2:30 PM ET.