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Watch out for these market mood swings

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Friday's market report expectations

As the Fed meeting approaches, traders and strategists expect wild market gyrations to continue in both directions.

Friday's market also gets a taste of inflation data with producer prices at 8:30 a.m. EDT. Consumer sentiment is scheduled for 10 a.m.

"I think it can give some back," Friday, said Art Cashin, director of floor operations at UBS.

Stocks bounced and Treasury yields retreated Thursday after a third weak monthly retail sales report boosted hopes for a less aggressive Fed and the dollar took a break from its rapid run.

The stock market was encouraged by a retreat in the greenback, which had gained 5 percent against the euro so far this month and 23 percent since late June. A stronger dollar adds to fears that already-lowered earnings forecasts would fall further, as analysts reduce the expected contribution from foreign sales.

Retail sales dropped 0.6 percent in February, after January's decline. Such a fall is sometimes viewed as a harbinger of recession, though a number of economists pointed to the bad weather this winter as a catalyst for the decline.

Read MoreUS retail sales down in February