By Devik Jain

(Reuters) – U.S. Stock Index futures fell on Friday as investors waited for November payrolls data. This was after a volatile week that saw fears over the Omicron coronavirus variant slowing down an economic recovery.

As investors digested information on the new variant that is being detected worldwide, equity markets fluctuated between gains and loss all week. This was due to many countries imposing travel restrictions.

All three major indexes have been on the verge of weekly losses. Wall Street’s fear gauge CBOE Market Volatility Index jumped above 30 this week for the first time in ten years.

At 8:30 AM ET, the Labor Department will release its closely-watched nonfarm payrolls report. It is expected that employers in America increased hiring in November. The unemployment rate fell to 4.5%, and wages increased further.

Jeffrey Halley of Oanda, senior market analyst, stated, “Assuming that the Omicron news is less end-of the world,”

This may end the equity rally, but the U.S. Dollar and U.S. yields might resume rising.”

Jerome Powell, Federal Reserve Chairman, said this week that the U.S. central banks will be considering at their upcoming meeting a speedier winding down of its bond buying program. It was widely believed to have opened the door for earlier interest rate increases.

Markets open at 8:45 p.m. for November’s reading of ISM PMI Non-Manufacturing PMI.

6.42 a.m. ET fell 48 points or 0.14%. ET was down 7.75 point, or 0.0.17%. ET dropped 25.5 points or 0.16%.

Meanwhile, the Democratic-controlled U.S. Senate passed a bill to fund the government through mid-February, averting the risk of a shutdown.

After logging strong gains on Thursday, Delta Air Lines and Norwegian Cruise Line suffered losses in pre-market trading.

Ulta Beauty (NASDAQ) saw a 6.3% increase in volume after it increased its annual sales forecasts and profit estimates.

Nucor Corp (NYSE 🙂 rose 1.6% on the news that the steel product manufacturer raised its quarterly dividend by 23%, and also announced a $4 Billion buyback program.