Stock Futures Drop Ahead of Jobs Report

Updated from 8 a.m. EDT

Premarket futures were pointing to a negative open for stocks in New York Friday as traders, concerned over the future of the economy, anticipated a key government report on the U.S. job market.

Futures for the S&P 500 were down 7.9 points at 1229 and were 8 points below fair value. Nasdaq futures were down 8 points at 1768 and were 6.5 points short of fair value.

On Thursday, the major indices swooned, each losing at least 3% as several data reports indicated the economy remains weak. A decline in commodity prices over the past week wasn't offering much relief from the gloom, and sellers dramatically outnumbered buyers on both the New York Stock Exchange and the Nasdaq. ...