By Liz Moyer

-- Stocks slumped on Thursday, falling ahead of a key report on jobs that could influence the Federal Reserve's decision on interest rates.

Analysts expect the economy added 205,000 jobs last month, down from January's red-hot 517,000 reading. Friday's jobs report and inflation data next week come just before the Fed is scheduled to meet this month.

Until this week, the market was convinced that the Fed would raise rates another quarter of a percentage point, as it did in February. But Fed Chair Jerome Powell told Congress this week that the central bank was prepared to quicken the pace of rate hikes to battle persistent inflation.

The tightness in the job market and other stronger-than-expected economic data recently could encourage the Fed to raise higher and keep rates higher for longer.

Futures traders are increasingly that March's rate decision will be a half-percentage point hike.

Investors will also get a new set of forecasts by Fed policymakers at the end of the meeting, when they release their dot-plot estimates on where inflation, unemployment, and economic output will likely be in the future.

Here are three things that could affect markets tomorrow:

1. Jobs report

The February report is due out at 8:30 ET (13:30 GMT). Analysts expect the number to be less than half what it was for January, and they are also watching for revisions to that earlier report. The is expected to stay at 3.4%.

2. Apple meeting

Apple Inc (NASDAQ:) holds its annual shareholder meeting starting at 12:00 ET (or 9 a.m. Pacific time). The meeting will be virtual, and shareholders will be voting on a number of proposals, including its exposure to China and a report on race and gender pay gaps.

3. Treasury budget

The monthly Treasury budget is released at 14:00 ET and analysts expect it to be down $256 billion.