How the Fed may play the jobs report

"It might buy them (Federal Reserve) a little room if it's (jobs number) not quite as high because of Omicron starting to creep in last month where they can pass off the March meeting and wait until the middle of the year to raise rates," said Fernandez.

The Labor Department is expected to release the monthly jobs report Friday. According to a Reuters survey of economists, overall nonfarm payrolls are forecast to rise by 400,000 jobs in December, compared to 210,000 jobs added in November.