confused trader

There isn't anything market moving on the economic calendar today and no speeches from Fed policymakers. Later, we'll get the RBA decision but the North American schedule is light.

It's a good thing too because Wed-Fri was a wild run of central bank decisions followed by a non-farm payrolls report and ISM services data that rewrote the script and then flipped it. Is a less-hawkish FOMC still in play? The terminal rate is now priced at 5.08%, up from 4.93% early last week.

But does another hike really matter if a hard landing is off the table? At this point, even a soft landing has to be questioned because some parts of the economy are soaring and others picking up.

S&P 500 futures are down 26 points today on the follow-though from the jobs report but keep an eye on tech for signs of a turn.