Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were off 1% immediately after the report was released. Futures measure current index values against perceived future performance.

The Labor Department released its monthly jobs report at 8:30 a.m. ET, and its 18,000 figure was a major disappointment. A CNNMoney survey of 27 economists had forecast an addition of 120,000 jobs in June.

The unemployment rate ticked up to 9.2% from 9.1% in May. Economists had forecast a small drop to 9%.

"The jobs number is the only thing on people's minds today, period," said Mark Luschini, chief investment strategist at Janney Montgomery Scott, before the report.

U.S. stocks rose Thursday as investors cheered two stronger-than-anticipated reports on the employment market, setting the stage for Friday's report.

Private sector employers added 157,000 positions in June and fewer people filed new claims for unemployment benefits. But Friday's report is the most watched and is more influential.

Economy: May wholesale inventory figures are due shortly after the opening bell.

Late in the afternoon, the Federal Reserve will release its report on May consumer credit report.