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

S&P 500 futures shed about 0.28%, and Nasdaq 100 futures fell 0.32%. Futures tied to the Dow Jones Industrial Average dropped 79 points, or 0.18%.

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.

What to expect in Friday’s jobs report

All eyes are on the nonfarm payrolls report for December, due on Friday morning.

The data has taken on a new sense of importance as the Federal Reserve's path on this year's rate cuts has grown uncertain. Fed funds futures trading suggests a high likelihood that central bank policymakers will stand pat on rates at their meeting later this month.

Economists polled by Dow Jones expect that payrolls grew by 155,000 last month, cooler when compared to November's gain of 227,000. They see the unemployment rate holding steady at 4.2%.

Economists also forecast average hourly wages to have grown by 0.3% on a monthly basis and to have risen 4% from 12 months earlier.

Read more from CNBC's Jeff Cox on what's expected in the new report.

—Darla Mercado

Stock futures open in the red

U.S. stock futures fell on Thursday night.

S&P 500 futures and Nasdaq 100 futures each dropped 0.3%, while futures tied to the Dow Jones Industrial Average shed 0.2%.

— Sean Conlon