NEW YORK (CNNMoney.com) -- Stocks looked set for a gain at the open Friday after the July employment report came in weaker than expected, thereby boosting investor optimism that the Federal Reserve might halt its rate-hike campaign.

S&P futures, and Nasdaq futures reversed course and headed higher immediately following the jobs numbers.

Job growth came in weak for the fourth straight month in July, according to the Labor Department. The U.S. economy added 113,000 jobs in July, down from an upwardly revised gain of 124,000 jobs in June.

Economists surveyed by Briefing.com were looking for a gain of 145,000 jobs.

The unemployment rate rose to 4.8 percent, up from 4.6 percent in June, the report also showed. Economists were expecting the unemployment rate to hold steady.

The Fed is due to meet Tuesday and, for the first time in a while, financial markets aren't sure what central bank policymakers will do at the meeting. Another rate raise would bring the Fed's target for a key short-term interest rate to 5.50 percent. (Full story)

Interest rate futures are pricing in a less than 50 percent chance that the Fed will raise rates again Tuesday.

"There's a lot of nervousness because the market has been trading on that expectation," said Anthony Chan, chief economist with JPMorgan Private Client Services.

He thinks stocks could push higher if the jobs report confirms that view and gives the Fed an excuse to pause.

Oil edged upward, with U.S. light crude up 11 cents to $75.57 a barrel in electronic trading. Brent crude trading in London was 30 cents higher at $76.86.

Treasury prices eased, with the benchmark 10-year note yield rising to 4.96 percent, up from 4.95 percent late Thursday. Bond prices and yields move in opposite directions.

The dollar gained against the euro and the yen.

In global trade, Asian markets ended mixed while European shares were mostly higher in early trading.

Technology stocks will also be in focus as the options saga heats up. Apple (Charts) said late Thursday it's delaying its earnings filing with the government due to options irregularities.

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