The March jobs report, at 236,000, only a tad below consensus, was a relief for stocks. Futures, which closed at 9:15 a.m. ET, ended up slightly. It was the only piece of economic news that fit with the "Goldilocks" economy that stocks have come to depend upon: A slowdown in the economy, but not so much of a slowdown that a serious recession ensues. In a flat week for the S & P 500, there were signs that a belief in that Goldilocks economy was getting harder to support.
Initially seen as a simple flight-to-safety move following the banking crisis, the decline in yields now largely viewed as a worry about a recession, which would be bearish for stocks. Data from the Federal reserve showing a big drop in commercial bank lending also reinforced that banks would likely be very cautious in their commentary when earnings season begins this Friday.
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