Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
Markets are looking ahead to Friday's June employment report, and there is little optimism the number will show anything more than a slight gain.
In Tuesday's market mayhem, the 200-day moving average on the S&P 500 turned negative for the first time since last year, an ill omen to some. However, Birinyi Associates took a look at the occurrences of the 200-day turning negative since 1945, and found that it's mostly preceded positive stock market moves in the next week, the next month, the next three months, and even the next year.
Call it window 'undressing.' Stocks took a beating in the second quarter, and the final days are bringing out the worst.
Some technicians say the S&P 500s move below 1040 signals a technical head and shoulders pattern, a bearish sign for stocks.
Friday's jobs data looms as the first major economic report of the year's second half, which promises to challenge markets with slower economic growth.
The Russell indexes rebalancing and approaching quarter end could influence the direction of stocks Friday.
Shockingly bad housing data this week, and now the Fed's downgrade of the economy could ramp up market anxiety with each new economic report.
The government's weak 5-year auction initially dampened some buying activity in Treasurys and put the spotlight on Thursday's auction of $30 billion in 7-year notes.
More disappointing economic news sapped stock prices Tuesday, making the Fed's comment on the economy Wednesday a bigger event than it might otherwise have been.
Banking reform will likely overshadow the Fed in the coming week, as Congress edges closer to a new financial regulatory reform bill whose effect on the financial sector remains murky.
Stocks should continue to dance around all-time highs, as traders watch for catalysts in economic data and bond yields.
NYSE gets a facelift
The CBOE Volatility Index fell below 12 as Federal Reserve Chair Janet Yellen began speaking.
Fed Chair Janet Yellen stuck to her script Friday, even though traders had hoped CPI data would force her to give a nod to improved data.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
Senior Producer at CNBC's Breaking News Desk.
Dominic Chu is a markets reporter for CNBC.
Evelyn Cheng is a markets writer for CNBC.
Sara Eisen is a correspondent for CNBC, focusing on currencies and the global consumer.