Stocks and oil calm as China markets steady

premarkets friday
Click chart for in-depth premarket data.

Calm at last?

Markets around the world are edging higher Friday after China stocks closed up, and as investors turn their attention to the U.S. jobs report.

U.S. stock futures are higher, adding around 1%. And oil prices are also firmer.

Both the Dow and Nasdaq closed in "correction" on Thursday, after the ugly start to 2016 left them both more than 10% below last summer's highs.

Here are the five things you need to know before the opening bell rings in New York:

Related: Fear & Greed Index

1. Volatile day in China: Chinese markets closed higher after a choppy day of trading on Friday. The Shanghai Composite closed 2% up, while the Shenzhen Composite added 1.1%.

Markets in China were shut early twice this week after suffering falls of 7%. On Thursday, trading was halted after only half an hour. China on Thursday suspended new rules that triggered the market shutdowns, in a bid to calm investors.

"The Chinese saw sense and did away with those ridiculous circuit breakers that only served to amplify fear and volatility," noted Mike van Dulken, head of research at Accendo Markets.

2. Stock market movers -- Nvidia, Netflix: NVIDIA Corp (NVDA) is rallying 3.3% premarket, after the technology company said it is partnering with Volvo to develop a smart car. Netflix (NFLX) is 1.3% higher in premarket trading. The video streaming service announced a global push for new customers this week.

Other stocks that are rising in premarket trading include Amazon (AMZN), Facebook (FB) and ConocoPhilips (COP), which is climbing 2.5%.

3. Jobs report: December's jobs report is due at 8:30 am ET. Wall Street will be watching closely for the U.S. employment rate and wage growth, key indicators of how the economy is faring.

The report has brought mostly good news in recent months. In November, 211,000 jobs were added, the unemployment rate dropped to 5%, and wages increased 2.5%.

Related: CNNMoney's Tech30

4. International markets overview: European markets are climbing higher in early trading. The FTSE100 is 1% up, while Germany's Dax is 0.7% higher. Asian markets ended the session mostly higher.

Oil prices are trading 1.3% up at around $33.7 per barrel. Crude dropped to a 12-year low near $32 per barrel on Thursday.

5. Thursday market recap: The Dow Jones industrial average dropped 392 points on Thursday, shedding 2.3%. The Dow has had its worst start to a year on record. The S&P 500 fell 2.4%, while the Nasdaq tumbled 3%.

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