Before the bell: Futures turning higher after jobs report

Despite investors preparing for a dismal jobs report, expecting the worst, stock futures were still lower Friday morning, as Wall Street braced itself for what's to come when the employment numbers are released at 8:30 am, an hour before the opening bell.

The U.S. probably lost 525,000 to 550,000 jobs in December, the biggest collapse in employment since the end of World War II. Economists are also predicting unemployment rate jumped to a 15-year high of 7%.

This also affected markets overseas, as world stock markets in general fell modestly Friday. Ahead of the reports, the dollar declined against other major currencies, while gold prices fell. Oil prices also fell to just over $41 a barrel as Gazprom and Russia said gas may start flowing today to Europe.

Also today, wholesale inventory levels for November will be released at 10 am. Inventories likely dropped.

[Update: After a mixed jobs report that showed December jobs losses of 524,000 during December, stock futures did a 180 and are now indicating Wall Street could start with a positive tone. That's despite the surprisingly higher 7.2% unemployment rate.]