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.
