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.
"There's a big debate about whether what we're seeing right now is the beginning of a sustained slowdown or just (the effect of) short-term factors," says one chief economist.
The economy's shift into low gear likely made for a worrisome decline in job growth in May.Economists forecast nearly 100,000 fewer jobs were added in May than in April, which had job growth of 244,000.
Economists also slashing second-quarter U.S. GDP forecasts to the 2 percent range but have not changed the second-half outlook yet. A big concern is that if the markets remain rocky, or the negatives start really denting sentiment, the slowdown could become self-fulfilling.
The economy has struck a soft patch that is likely temporary, and the second half of the year should be better, some economists say.
New data on the consumer and housing greet what promise to be thinly traded markets Friday, ahead of the long Memorial Day weekend.
Thursday rolls around again, and so do weekly jobless claims, the new nail-biter number traders are watching.
Stocks are entering the time of year when market gains are historically the lowest and volatility can be the highest.
Shares of Expedia rose more than 8 percent Friday after the company posted an unexpected profit in the first quarter.
Markets are at risk of mild correction
Gilead Sciences fell nearly 8 percent, dragging down the S&P 500’s health care sector.
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 - Breaking News
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.