10 things you need to know before the opening bell

Before Friday morning's October jobs report, here's what you need to know.

It's jobs day. The US economy is expected to have added 185,000 jobs in October as the unemployment rate dipped to 5%, according to the Bloomberg consensus. In addition, average hourly earnings are projected to have increased 0.2% month-over-month. Some market participants believe a strong report could tip the scale in favor of an interest-rate hike at the Federal Reserve's December meeting. The market is pricing in a 56% probability of a rate hike before the end of the year.

German industrial production unexpectedly fell. Industrial production in Germany unexpectedly fell in September. The 1.1% drop was well shy of the 0.5% rise that economists were forecasting. Weakness in the data is being pinned on the slowdown in demand from China and other emerging markets. The euro is little changed at 1.0880.

Valeant was late on some royalty payments. Bloomberg reports that Valeant was late to pay PDL BioPharma for royalties it was due for sales of the diabetes drug Glumetza. According to Bloomberg, PDL was supposed to receive royalty payments totaling $17 million at the end of August and end of September, and instead it received both in late October. PDL says it will ask for an audit on the medication's results.

AstraZeneca is buying ZS Pharma. AstraZeneca is buying ZS Pharma, a company that developed a proprietary technology treatment for high potassium levels, for $2.7 billion in cash. The deal represents a 42% premium from Thursday's closing price and is expected to be accretive to AstraZeneca's earnings in 2018, according to Reuters.

Square released the details of its IPO. The mobile-payments company says its initial public offering will price from $11 to $13 per share and is expected to raise $403.7 million. CEO Jack Dorsey will retain 23.6% of the voting power. Square will trade under the ticker SQ.

Shake Shack crushed estimates. The burger chain reported adjusted earnings of $0.12 per share, topping the $0.07 that was anticipated by the Bloomberg consensus. Revenue surged 67.5% to $53.3 million, beating the $47.3 million that Wall Street was expecting. Shake Shack upped its full-year 2015 revenue guidance to a range of $189 million to $190 million ($180.1 million expected) from its previous guess of $171 million to $174 million. Same-store sales climbed 17.1% in the quarter, well above the 10.6% estimate, causing the company to adjust its full-year forecast for the metric to 11% to 12% for the year.

Disney posted a mixed quarter. The entertainment giant announced adjusted earnings of $1.20 per share, outpacing the $1.14 expected by the Bloomberg consensus. Revenue rose 9.1% to $13.5 billion, a whisker shy of the $13.6 billion that was anticipated. Disney's ESPN unit was a standout among its cable networks after it eliminated 300 jobs last month. Elsewhere, growth at the company's theme parks was carried by strong domestic demand while attendance sagged in Hong Kong.

Stock markets around the world are mixed. China's Shanghai Composite (+1.9%) paced the advance in Asia on its way to booking a 6.1% gain for the week. In Europe, France's CAC (-0.8%) leads the way lower. S&P 500 futures are down 1.50 points at 2,092.50.

US economic data is important. Nonfarm payrolls, nonfarm private payrolls, the unemployment rate, hourly earnings, and average workweek are all due out at 8:30 a.m. ET, while consumer credit will cross the wires at 3 p.m. ET. The US 10-year yield is unchanged at 2.23%.

Earnings reporting slows to a Friday pace. ArcelorMittal and Humana highlight the names releasing their quarterly results ahead of the opening bell, while Berkshire Hathaway reports after markets close.