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The news of the day for the stock market Friday may well be out before the opening bell rings.

At 8:30 a.m. EST, the Labor Department will report on nonfarm payrolls for January, a key set of data that speaks to the overall health of the economy. On average, economists believe 65,000 jobs were created in the first month of the year, while the unemployment rate is expected to remain at 5%.

What's up in the air is how traders will react if the number is an outlier. A weak report could increase the chances of more rate cuts, but would also suggest the economy is in danger of a recession. At the same time, a strong report would indicate the economy is at least somewhat healthy, but could mean the

Federal Reserve

is more apt to hold rates steady, at least in the near term.

Also on the economic calendar will be construction spending from the Census Bureau, the Institute for Supply Management's manufacturing index and the University of Michigan's consumer sentiment index. Car and truck sales are due from

Ford

(F) - Get Ford Motor Company Report

,

GM

(GM) - Get General Motors Company Report

,

Toyota

(TM) - Get Toyota Motor Corp. Report

and others.

The earnings schedule will feature

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Chevron

(CVX) - Get Chevron Corporation Report

,

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

,

Nymex

( NMX),

Manpower

(MAN) - Get ManpowerGroup Inc. Report

,

Gannett

(GCI) - Get Gannett Co., Inc. Report

and

ADP

(ADP) - Get Automatic Data Processing, Inc. Report

, among others.

On

TheStreet.com

, check in early for the latest installment of "The Five Dumbest Things on Wall Street This Week." Additionally, Laurie Kulikowski will take a look at Visa's prospective IPO.

This article was written by a staff member of TheStreet.com.