Market experts told CNBC's "Morning Call" that Friday's release of monthly nonfarm employment data will be critical for the overall economic picture. Tony Dwyer, equity market analyst at FTN Midwest Securities, said the jobs data is "hugely important" and expects growth of 50,000 jobs, which is below the consensus forecast of about 100,000.
"I think what happens is you do get a negative knee jerk reaction in the equity market which would support every historical measure that I can find, which supports a retest of the lows," Dwyer said. "But then the economic and fundamental macroeconomic backdrop is so positive, in our view, that we continue to think the S&P is going to get up to 1650 this year."
Dwyer said he "wouldn't be shocked' to eventually see a negative jobs number, similar to what happened in the middle of the last economic cycle.
Bob Pavlik, chief investment officer at Oaktree Asset Management, told CNBC he is not expecting a recession and expects the Fed to ease rates due to economic burdens such as housing.
"We see GDP growth 2.3%, we don't see a recession coming on board," said Pavlik. "We do expect the Fed to cut rates in the second half of this year.They're going to have to move to cut rates because you're going to be pressured by housing and manufacturing."