Stock futures rose on Friday as traders interpreted an unexpected loss in jobs in July as meaning the Federal Reserve won’t need to raise interest rates soon and can leave monetary policy on hold for now. Nasdaq-100 futures led gains, climbing 1.2%, and S&P 500 futures advanced 0.5%. Dow Jones Industrial Average futures rose 160 points, or 0.3%. July’s nonfarm payrolls report showed a drop of 23,000 jobs, while economists polled by Dow Jones had forecast a gain of 83,000. The unemployment rate fell to 4.1% as the labor force participation rate fell to its lowest level in more than five years. Economists had expected it to remain unchanged at 4.2%. A majority of Fed funds futures traders now expect that the central bank will hold its benchmark lending rate at the current 3.50% to 3.75% at the next policy meeting in September, according to the CME FedWatch tool. Just a day ago, traders were pricing in a 55% chance of a quarter-point hike. “For the job market this is a number that’s not booming and may actually be breaking, but for the markets the two biggest areas of concern were yields and inflation,” Saira Malik, Nuveen chief investment officer, said on CNBC’s “Squawk Box.” “This lower number helps not reinforce the Fed’s narrative that they need to raise interest rates.” Software stocks led equity futures higher Friday, with Cloudflare surging 16% in premarket after the cloud cybersecurity company issued a solid full-year and current-quarter outlook. Shares of Atlassian jumped 34% after the company’s fourth-quarter adjusted earnings and revenue surpassed expectations and issued upbeat guidance. Airbnb shares also rallied 7% in premarket trading after the vacation rental company posted a beat on the top and bottom lines. Wall Street is coming off a losing session, as an increase in oil prices weighed on equities. The Dow fell more than 460 points, or 0.9%, breaking a five-day winning run. The S&P 500 slid 0.2%, while the Nasdaq Composite dipped 0.1%. Stocks are still headed for a second straight week of gains. The Nasdaq could post its best weekly performance since May, thanks to a bounce-back in chip stocks. The iShares Semiconductor ETF (SOXX) is higher by more than 5% this week. Treasury yields fell Friday after data showed the U.S. economy unexpectedly lost 23,000 jobs in July, raising fresh concerns about the labor market while dimming the immediate outlook for higher Fed interest rates. The yield on the 10-year U.S. Treasury note—the main benchmark for mortgages, auto loans, and credit card debt—was off by 4 basis points at 4.621%. The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate expectations, slipped more than 6 basis points to 4.176%, hitting the lowest level since July 17. The 30-year Treasury yield slipped 2 basis points to 5.189%. Japan’s Nikkei 225 closed 0.12% lower at 65,606.71, while South Korea’s Kospi fell 0.60% to 6,258.77 in choppy trade. Australia’s benchmark S&P/ASX 200 ended flat at 9,263.60. Hong Kong’s Hang Seng index was up 0.44% as of its last hour of trade, while mainland China’s CSI 300 closed 0.93% higher at 4,694.44. Market sentiment was supported by China’s export growth in July that beat analysts’ estimates. Oil prices were little changed Friday as investors waited for an agreement teased by the Trump administration earlier this week to open the Strait of Hormuz to freedom of navigation. Brent crude, the international benchmark, fell 36 cents to $82.13 a barrel. U.S. West Texas Intermediate futures lost 4 cents to $77.25 per barrel. Prices are down about 9% for the week. Precious metals rallied Friday, with gold and silver on track for their strongest weekly gains in months. December gold futures climbed as high as $4,380.20 an ounce, the highest since June 17. Gold is up 6.6% this week, putting it on pace for its best weekly performance since Jan. 23. Silver has posted an even sharper advance. September futures rose as high as $64.96 an ounce, the highest since June 23, and are up 11.84% for the week. That would mark silver’s biggest weekly gain since Feb. 27.