U.S. stock futures rose on Friday, as equities were set to rebound after a steep fall in the previous session and ahead of a key payrolls report.

U.S. stocks tumbled 9 percent in the last two hours of trading on Thursday before clawing back some losses as a suspected trading error and fears of a new credit crunch in Europe threw markets into disarray.

Investors will eye April's U.S. non-farm payrolls data, with economists polled by Reuters expecting that employers added 200,000 jobs last month after a 162,000 increase in March. Unemployment is seen holding steady at 9.7 percent. The report is due at 8:30 EDT.

S&P 500 futures rose 9.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 65 points, and Nasdaq 100 futures added 17.5 points.

The German lower house of parliament approved a law to free up Germany's contribution to a multi-billion rescue package for Greece, despite widespread public opposition to the measure.

European stocks fell to a three-month low in early trade on Friday on mounting concerns the severe debt crisis may spread. The MSCI world equity index <.MIWD00000PUS> fell nearly 1 percent.

Overnight, Hong Kong and Shanghai shares closed their worst week in months, weighed down by the global flight from risk and tightening measures in China to rein in inflation.

U.S. Treasury Secretary Timothy Geithner will discuss efforts to get aid to debt-stricken Greece with fellow finance ministers from Group of Seven nations on Friday, a Treasury spokesman said.

Shares of Kraft Foods Inc fell 0.7 percent to $29 in extended trading Thursday after the company forecast full-year earnings below estimates as it posted higher-than-expected quarterly profit.

American International Group Inc , Washington Post Co , CF Industries Holdings Inc , Edison International , Pepco Holdings Inc and PG&E Corp are expected to report earnings on Friday.

The Dow suffered its biggest-ever intraday point drop -- 998.5 points -- on Thursday. The freefall may have been exacerbated by an erroneous trade that showed some shares briefly fell to nearly zero. The Nasdaq and others said they would cancel multiple erroneous trades.

(Editing by Jeffrey Benkoe)