Overseas, markets in Asia and Europe slumped today, following losses on Wall Street. In Asia, most markets closed down around 2%, like Japan's Nikkei, with Hong Kong's benchmark index, Hang Seng, plunging 3.25%. Markets in Europe are now trading now about 1%.

What investors are most concerned with this morning, however, is the October nonfarm payroll report due out at 8:30.
Economists are expecting the report to show a sluggish pace of growth in the labor market with 80,000 jobs added in October, down from the 110,000 jobs added in September. A strong report will likely push stocks upward, although the balancing act between a hopes for a stronger economy (evidenced by a strong labor market) and something that may prompt the Fed to lower rates again may cause surprises in the direction the market will take after the report.
The unemployment rate is expected to remain at 4.7% and hourly earnings to grow 0.3%.
At 10:00 a.m., September factory orders will be released.

Meanwhile, the dollar kept slipping. The dollar is now headed for a fourth weekly loss against the euro, on speculation a U.S. government report will show slower employment growth and increase pressure on the Federal Reserve to cut interest rates. Against the British pound, the dollar also fell, as it did against 13 of the 16 most actively traded currencies tracked by Bloomberg today.

Financials will once again continue to focus the market's attention as The Wall Street Journal reported that Merrill Lynch (NYSE: MER) engaged in deals with hedge funds that may have been aimed at delaying when it had to record losses on risky mortgage-backed securities.

After Exxon Mobile (NYSE: XOM) reported disappoiting results yesterday, today is Chevron's (NYSE: CVX) turn. Viacom (NYSE: VIA) is also due to report today, just as Hollywood writers said they would strike for the first time in nearly 20 year.