Ahead of today’s jobs report the fate of the 9 week winning streak hung in the balance with major indices holding on to modest gains. The report surprised to the upside for the third consecutive month sending Treasury yields sharply higher. The S&P 500 ended the session down over and a similar amount for the week. However, the equal-weight version of the index, the Dow Jones Industrial Average and S&P 400/600 ended the week down <1%. It's hard to argue that markets weren’t overdue for a pullback.

For the week defensive sectors and the YTD underperformers ended with gains. Energy also had a bid as oil prices bounced back from last week’s drubbing. US treasury yields ended the week sharply higher but most of the move was on the heels of Friday's jump after the hot jobs report.

The crypto complex got absolutely smoked. Already dealing with poor performance, several headlines this week - including a security concern, really got things going to the downside. Bitcoin fell below $60k while ETH collapsed through $2K and now has $1.5K squared up.

Looking ahead, it's possible a championship could return to MSG for the first time in a while. It's a relatively light week for US data, but inflation updates will the focus with the CPI and PPI releases. The ECB rate decision will be the focal point for central bank activity (a hike is expected). Oracle will headline the earnings reports. There will also be a few broker conferences to keep an eye on for corporate news. Go Knicks!