Waiting for the jobs data: Will good news be bad news or bad news good news or vice-versa?

Waiting for the jobs data: Will good news be bad news or bad news good news or vice-versa?

It ‘s clear that the driver for the market today is related to tomorrow’s jobs report for May. And that makes sense since the Federal Reserve has said that its decision on when to begin tapering off its monthly $85 billion in purchases of Treasuries and mortgage-backed assets will depend on the data. But it’s not clear to me what the action in the financial markets today means that markets are anticipating tomorrow.

It’s always hard to read anything into market action ahead of a 3-day weekend

I know everyone would like to make sense of global stock markets today—but the upcoming three-day weekend in the United States makes that really, really difficult. I’m not sure that any news or any news interpretation carries much weight today against the desire of Wall Street professionals to reduce the chance of anything blowing upon them while the markets are closed.