At noon AEST on Friday, the benchmark S&P/ASX200 index was up 22.6 points, or 0.28 per cent, to 8,005, while the broader All Ordinaries had gained 27.5 points, or 0.34 per cent, to 8,215.2.
Friday is likely to be the ASX200's second day of gains, but for the week it was on track to snap its three-week winning streak.
It was down one per cent since last Friday's close, with a few hours of trading left in the week.
Overnight, three economic readouts painted a mixed picture of the health of the US economy, following weak manufacturing data released earlier in the week that led to Wednesday's sell-off.
All eyes were on the August non-farm payrolls report to be released Friday night, Australian time, with analysts describing it as the most consequential US labour market readout in several years.
Moomoo chief commercial officer Michael McCarthy said consensus expectations were the report would show the US added 170,000 jobs last month.
"A read below 140,000 could see investors step up in anticipation of deeper rate cuts, but a read over 200,000 could push back expectations of Fed support and drag shares lower," Mr McCarthy said.
At midday, seven of the ASX's 11 sectors were higher, energy, materials and tech were lower and telecommunications was basically flat.
Energy was the biggest mover, dropping 1.8 per cent as Brent crude dropped another dollar, to a 14-month low of $US72.50 a barrel.
Woodside was down 2.1 per cent, Santos had fallen 1.1 per cent and Whitehaven Coal had dropped 3.4 per cent to a 15-month low of $5.90.
Elsewhere, all of the big four banks were setting new 52-week highs. ANZ had added 1.4 per cent, NAB had climbed 1.0 per cent and CBA and Westpac had both gained 1.5 per cent.
In the heavyweight mining sector, BHP was down 0.7 per cent and Rio Tinto had dipped 0.4 per cent, while Fortescue had edged 0.1 per cent higher.
The Australian dollar was buying 67.30 US cents, from 67.24 US cents at Thursday's ASX close.
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