Futures are tumbling ahead of the jobs report

Stock futures are sliding on Friday morning ahead of the big jobs report.

Near 6:30 a.m. ET, Dow futures were down 191 points, S&P 500 futures were down 22 points, and Nasdaq futures were down 48 points. These amounted to about a 1% decline for the three big indexes, which closed nearly flat on Thursday.

At 8:30 a.m. ET, the Bureau of Labor Statistics will release the most important jobs report we've received in a long time. Beyond what the data tells us about the labor market, it will set expectations for whether the Federal Reserve would raise interest rates for the first time in a decade at its meeting later this month.

Markets are now pricing a 30% probability that the Fed could move this month, down from about 50% two weeks ago.

You can read our full preview of the jobs report here.

After last week's rollercoster for stocks, they managed to eke out a positive close for the week. At these levels, the major indexes are headed for a close in the red this week.