Stock market today: Live updates

U.S. stock futures fell on Friday as investors await the release of new economic data on Friday.

S&P 500 futures shed about 0.3% along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average dropped 50 points, or 0.1%.

The moves come as Wall Street is gearing up for December’s nonfarm payrolls reading, which is scheduled to come out at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expect to see an increase of 155,000, less than the gain of 227,000 in November’s reading. Additionally, the unemployment rate is projected to remain at 4.2%.

“If we get a strong report, which … we’re anticipating we will, we may find that the market reaction to that is not great, because it just is one more reason why the Federal Reserve may not lower interest rates this year,” Brenda Vingiello, chief investment officer at Sand Hill Global Advisors, said on CNBC’s “Squawk Box” Thursday.

The market does not expect a rate cut from the central bank at its next meeting later this month, with fed funds futures trading data pricing in only about a 7% chance of a quarter-point cut, according to the CME FedWatch tool.

Earlier this week, the Institute for Supply Management’s services index showed an acceleration in growth in the U.S. services industry in December as well as a rise in prices, which intensified concerns about stickier inflation. Further, private sector companies added fewer jobs than expected last month, according to payroll service provider ADP.

All three of the major averages are on track for weekly losses, with the S&P 500 off 0.4% and the Nasdaq Composite down 0.7%. The 30-stock Dow is on pace for a 0.2% decline on the week. The New York Stock Exchange was closed on Thursday to take part in a national day of mourning for late former President Jimmy Carter.

Meanwhile, wildfires surrounding Los Angeles have persisted, including the Palisades Fire – which is deemed “one of the most destructive natural disasters” in the city’s history. Fear and uncertainty pertaining to the blazes sent shares of Edison International more than 10% lower in Wednesday’s session.