But shares rebounded Friday in their best day since 2011 after an AFP report that the bank is close to a $5.4 billion settlement with the DOJ. CNBC has not independently confirmed the report, and there are reasons to be skeptical about the stated number.
"I think just given how depressed the name has been in the stock over the last couple weeks, you're getting a huge reaction in the stock on headlines either way," said Drew Forman, co-head of trading at Macro Risk Advisors.
Investors will be watching for any incremental developments on Deutsche Bank over the weekend, which is a three-day one in Germany since Monday is a holiday.
"I don't see any over-the-weekend rescue looming for Deutsche Bank," said Holger Mertens, head portfolio manager, global credit, at Nikko Asset Management. "What has to change here is the perception of the bank that is out there."
Another issue for markets to eye over the weekend is the official inclusion of the Chinese yuan as the fifth currency in the International Monetary Fund's Special Drawing Rights basket. The inclusion increases the attractiveness of the yuan, also known as the RMB, as an international reserve asset that central banks can readily use.
"The RMB joins the SDR formally on Oct 1. Some people would argue that ahead of the formal entry, they've been bending over backwards to keep the currency stable so afterwards, they might have less of a reason to keep it stable," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
Traders have watched the currency since surprise devaluations last August shocked global markets with concerns of negative spillover from a sharp slowdown in China's economy.
China's markets are closed next week for a national holiday, and barring significant developments around European banks, strategists generally expect U.S. markets to focus on domestic news. Analysts polled by Reuters expect the September ISM manufacturing due Monday to show 50.3 after a 49.4 print for the prior month. Friday's nonfarm payrolls report is estimated to show a rise to 170,000 for September after a print of 151,000 in August.
"I think if there's one thing that drives [markets next week], probably it will be payrolls because of the Fed," said Sameer Samana, senior global strategist at Wells Fargo Investment Institute. "That has some ramifications for almost everything else, and it's the biggest factor that has driven the markets over the last year."
Still, "people probably fixate on payrolls, but we'd watch the political side a little more carefully," he said.
The vice presidential debate is scheduled for Tuesday evening at Longwood University in Farmville, Virginia. The second presidential debate is set for October 9 at Washington University in St. Louis, St. Louis, Missouri.