Stock futures climbed Friday morning after job additions in February supported the chances for a March rate hike next week.

S&P 500 futures were up 0.5%, Dow Jones Industrial Average futures gained 0.48%, and Nasdaq futures climbed 0.4%.

The U.S. economy added 235,000 jobs in February, according to the Labor Department, topping analysts' estimates of 200,000. The unemployment rate dipped 100 basis points to 4.7%, as expected. Wages rose 0.2%, falling short of estimated growth of 0.3%. The January jobs number was revised up to 238,000 from 227,000, while December was cut to 155,000 from 157,000. Construction jobs saw their biggest increase since the financial crisis.

Economists had anticipated another month of robust job gains, particularly after an unofficial reading on private payrolls from ADP demolished expectations.

The February jobs report, which is the most scrutinized data point of any month, likely confirms expectations of an interest rate hike when the Federal Reserve meets next week. Solid job gains support the Fed's recent hawkish rhetoric and insistence that the U.S. economic recovery warrants more than one rate hike this year.

"With today's solid job gains, a March move by the Fed feels imminent," said Tara Sinclair, senior economic fellow at job site Indeed. "The Fed is focused on the aggregate numbers, which they see as strong enough to start normalizing interest rates, which are still very low within historical context. We have to look back over 10 years to see the last string of Federal Funds Rate increases -- a lot has changed in the economy since then, though monthly job gains look similar to that time at around an average of 180,000."

The Federal Open Market Committee, the group that decides when interest rates will move, meets March 14-15. The chances of a 25-basis-point hike next week sit at 88%, according to CME Group fed funds futures. A rate hike would put the new fed funds rate at 0.75% to 1%.

This jobs report for February will also be the first completely under Donald Trump's economy. Job gains have been steady in recent years, proof that the new president inherited an improving economy from predecessor Barack Obama despite Trump's calls to the contrary. Wages have also begun to improve after being stuck in neutral for much of last year.

Crude oil prices clawed back on Friday from a heavy, two-day selloff. Prices were subject to extreme selling over the past two days after a build in U.S. stockpiles put supplies at new records. Crude closed Thursday at its lowest level since late November.

West Texas Intermediate crude was up 0.6% to $49.54 a barrel on Friday morning.

Ulta Beauty (ULTA) - Get Report fell more than 4% in premarket trading after issuing soft guidance for its current quarter. The beauty retailer anticipates current-quarter earnings no higher than $1.80 a share on sales of $1.24 billion to $1.27 billion. Analysts had expected earnings and sales at the top-end of that range. Its fourth quarter came in better-than-expected, though, with revenue rising 25% to $1.58 billion, exceeding consensus of $1.54 billion.

Southwest Airlines (LUV) - Get Report fell in premarket trading on Friday morning after announcing that it is expecting its first quarter operating unit revenue to slip by 2% to 3%. The company previously expected revenue flat to down 1%. The airline cites "unexpected softness" in demand for last minute bookings.

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