US equity futures were cautiously higher ahead of Friday's opening bell as traders digested the crucial US monthly nonfarm payrolls employment report.

Dow Jones Industrial Average futures gained 0.1%, the S&P 500 futures increased 0.2%, and Nasdaq futures were up 0.4%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $70.38 per barrel and US West Texas Intermediate crude 1.3% higher at $67.20 per barrel.

The February jobs report, released at 8:30 am ET, showed a 151,000 month-over-month rise in nonfarm payrolls following a 125,000 gain in the preceding month, compared with estimates compiled by Bloomberg for a larger 160,000 gain. The unemployment rate for the month was 4.1%, compared with estimates for no change at 4.0%.

Federal Reserve Chair Jerome Powell is scheduled to speak at the 2025 US Monetary Policy Forum at 12:30 pm ET.

In other world markets, Japan's Nikkei closed 2.2% lower, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 0.3% lower. Meanwhile, UK's FTSE 100 fell 0.4%, and Germany's DAX index fell 1.6%, France's CAC 40 fell 1.1% and Spain's IBEX 35 was down 0.2% in Europe's early afternoon session.

In equities, Hewlett Packard Enterprises (HPE) stock was down 16% after the company overnight posted lower-than-expected fiscal Q1 non-GAAP net income and revealed plans to reduce its workforce by nearly 5%. Intuitive Machines (LUNR) stock was nearly 34% lower after media reports that the company's Athena moon lander appeared to have landed on its side.

On the winning side, Gap (GAP) shares rose 15%, a day after the company reported higher fiscal Q4 earnings. Lands' End (LE) shares rose 11% after the company said its board has begun evaluating the company's potential strategic options, which could include a sale or merger.