U.S. stocks are, for now, set to open slightly higher. But stock futures, which edged higher Friday morning, traded in a narrow range as investors await November's government employment report, hoping it will show a declining rate of job losses. Any large surprise to the upside or downside may not only set the tone for the day, but for some time.

Update: The U.S. labor market improved markedly in November, the Labor Department reported Friday. The unemployment rate fell back to 10%. Nonfarm payrolls dropped by a seasonally adjusted 11,000 in November, the smallest decrease since December 2007. U.S. stock futures surged after the report, indicating Wall Street would open significantly higher.

More here: Before the bell: Futures inch higher ahead of jobs report