The virus remains a global concern, with European Commission President Ursula von der Leyen saying Omicron will likely be the dominant coronavirus variant in the 27-nation bloc by mid-January.
The futures for the Dow industrials and the S&P 500 were up 0.1%, while the yield on the 10-year Treasury was steady at 1.44%.
“COVID-19 remained the key reason holding back a full recovery.
Businesses have been dealing with supply chain problems and higher costs for months and are passing those costs to consumers, who have so far been absorbing higher prices on everything from groceries to clothing and other consumer products.
The Fed is expected to more quickly trim its bond purchases, which have helped keep interest rates low and support the stock market and broader economy.
It appears to cause less severe disease than previous versions of the coronavirus, according to an analysis of data from South Africa, but has spread quickly.