US stock futures dip ahead of jobs report

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NEW YORK (AP) -- Stock futures are falling as financial turmoil grips Spain and before a U.S. report that is expected to show a slight rise unemployment benefit applications.

Dow Jones industrial futures are down 26 points to 13,027 and the Standard & Poor's 500 futures are down 3.3 points to 1,396.9. The Nasdaq composite futures are down 5.75 points to 2,762.25.

Protesters flooded the streets of Madrid on Thursday and there are clashes with police a day before massive spending cuts and tax hikes are expected to be revealed.

European markets are down with investors keeping an eye on events at home and in Asia, where Chinese economic indicators are compounding fears of a broader economic slowdown.

The U.S. Labor Department will release its latest unemployment claims numbers at 8:30 a.m. Eastern time.