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1) U.S. employment rose at a solid clip in July and wages rebounded after a surprise stall in the prior month, signs of an improving economy that could open the door wider to a Federal Reserve interest rate hike in September.

Nonfarm payrolls increased 215,000 last month, fewer than the 223,000 forecast by economists, but the unemployment rate held at a seven-year low of 5.3 percent. Average hourly earnings also increased last month after stalling in June.

2) U.S. stocks opened lower on Friday after data showed steady job growth in July, increasing the chances Federal Reserve will raise interest rates in September.

3) The dollar moved broadly higher against the other major currencies on Friday, even after data showed that U.S. nonfarm payrolls rose less than expected last month, while average hourly earnings increased in line with projections.

EUR/USD dropped 0.49% to 1.0874.

4) The dollar gained and Wall Street stock futures extended losses as U.S. jobs data came near enough to expectations to bolster bets the Federal Reserve will raise rates for the first time in nearly a decade this year.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

Get ready for the U.S. jobs report, the single most important economic release of the month. 

1) Jobs report

The federal government is releasing its much-anticipated July employment report at 8:30 a.m. ET.

Reaction to the report could move stocks and currency markets around the world.

The expectation is that the Labor Department will say that 216,000 new jobs were created last month. That would be a slight drop off from June when the economy added 223,000 jobs. But ultimately, anything over 200,000 is considered a "good" number, indicating a healthy economy.

Experts expect the unemployment rate to stay steady at 5.3%. When it dropped to that level in June, it was the lowest rate since April 2008.

Year-over-year wage growth is expected to increase to 2.1%, up from 2% in the last report.

The Federal Reserve will keep a close eye on the new numbers. The central bank has been hinting at a rate increase for months, and a strong jobs report could clear the way for that hike to happen in September.

2) Stock slump

U.S. stock futures are holding steady ahead of the jobs report.

If the Dow Jones industrial average posts another fall Friday, that would mark the seventh consecutive trading day of declines.

The Dow has dipped by 2.3% since the start of the year. But the S&P 500 and NASDAQ are still in positive territory over the same period.

Asian markets ended with mixed results. Meanwhile, European markets are mostly declining in early trading.

"Disappointing French and German industrial production figures, posted before European markets started trading, have ensured a dominance of red on trading screens," explained Alastair McCaig, a London-based market analyst at the broker IG.

Greek markets are stabilizing after a week of heavy losses.

3) Market mover

Nvidia: Shares in Nvidia (NVDA, Tech30), a graphics company, are shooting up by about 10% premarket after the firm released better-than-expected earnings Thursday night.

4) Earnings

Quarterly earnings from companies including Hershey (HSY), Sotheby's (BID), Cablevision (CVC) and Groupon (GRPN) are coming out ahead of the open.

After the close, Berkshire Hathaway (BRKB) will report results. The company -- led by billionaire Warren Buffett -- is the fourth largest company in the U.S. and has invested significantly in Kraft Heinz (KHC), Goldman Sachs (GS) and Coca-Cola (KO).

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What is it? This is the earliest data related to labor inflation. Source changed series calculation formula as of Feb 2010. It's a leading indicator of consumer inflation - when businesses pay more for labor the higher costs are usually passed on to the consumer.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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What is it? Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.

When?  At 8:30Am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

When? At 10:00am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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