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Fed in focus after weak jobs report spooks markets

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Stock futures weak after March jobs report

Spooked by March's crushingly weak jobs report, markets will be hyper-focused on any clues coming out of the Fed about whether a later rate hike is now more likely.

March's report of just 126,000 nonfarm payrolls—about 120,00 less than expected—signals the potential for a rocky start to trading Monday.

The stock market was closed for Good Friday, but in morning trading, Dow futures dropped 165 points after the report. Bonds traded in an abridged session and yields fell dramatically with the 10-year dipping below 1.80 temporarily. The dollar also weakened—as thinly staffed trading desks bet the Fed will now delay hiking rates until the second half of the year.

Read MoreWhat a bad jobs report means for stocks

"This just puts an exclamation mark on just how weak a quarter it's been, and it should make one wonder if earnings estimates have been reduced sufficiently," said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management.