Slow growth and high valuations remain the two biggest problems for the stock market.
The slightly below-expectation print for the April jobs report (160,000 vs. 205,000 expected) is supportive of the market trend in the last several weeks: that growth—both in the U.S. and internationally—has slowed somewhat in the last month or so.
You can see this in the disappointing April retail sales, where it appears that after a decent start in the first two months of the year, sales slipped in the second half of March and into April.
You can see it in the earnings commentary. If you want to know what "lower for longer" means for energy or mining companies, look at construction & engineering firm Fluor, which gets about half its revenues from the oil & gas business. They cut their full-year guidance by 8 percent as projects are getting delayed.