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This may bring on new handwringing about the economy

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May's weak jobs report raises the anxiety level in markets and may have sidelined some investors as they sort through what signals the economy is really sending.

The worst jobs report in more than five years may also have dashed some traders' hopes that stocks can break out to new highs in the near future. Focus could now swing to whether the market can hold its recent range, and every piece of economic data will be important. In the week ahead, there is a relatively light data calendar including productivity and costs Tuesday and the JOLTs report on job openings and turnover on Wednesday.

The big event of the week comes Monday when Fed Chair Janet Yellen speaks in Philadelphia on the economy at midday.