Earnings and the economy have taken a bit of a back seat relative to the rising tensions in the Mideast and investors are keenly focused on what might happen there next.

Michael Arone

Investors are zeroing in on this idea of slower growth for 2019, more people are worried about a recession in late 2019 or 2020.

If The Fed doesn't raise rates The Fed will look like The Fed's succumbing to the bullying of Trump's tweets.

It's the clear leader today. It's overwhelming almost all the other sectors in terms of its impact on today's market action.

Now we're starting to see that gap close, so this could be a bit of a short-term rally for the energy sector.

Those things certainly have the market in a bit of a sideways pat... by Michael Arone

Those things certainly have the market in a bit of a sideways pattern.

The U.S. economy is not doing fantastic, and Europe and Japan are growing a bit better than expected, i don't see (the dollar) climbing significantly higher from here.

Given the referendum on Sunday in Greece and the holiday weekend, at least for today the action was somewhat muted compared to the rest of the week.

The real risk is a 'No' vote, then you'll see markets trade down... by Michael Arone

The real risk is a 'No' vote, then you'll see markets trade down further.

Both the CPI yesterday and the PPI today came in considerably above expectations and signaled that inflation continues to run hot, even in the face of that Powell has stood steadfast.

The US stock market is being driven by earnings and they are rising faster than expected.

The jobs report had something for everyone, the payrolls number was above forecasts but wage increases were modest. So for those concerned about a significant pickup in inflation, this report didn't signal that.

The unintended consequences of this potential volatility have markets on edge as we end the week.

We're seeing that struggle, that tug of war, that friction play out already this month, june hasn't been a straight shot to the moon. That's what you're likely going to see for the balance of the summer, not a bad thing.

The numbers are a huge surprise to the upside, it would suggest a further confirmation the economy is coming back online.

There's a view that as the economy reopens there hasn't been, so far, a resurgence in the hospitalization rates and that perhaps some of the 'worst-ever' data that we've seen will soon be behind us.

If their performance tends to do a bit better.

It's too early to signal the all-clear, but I do think we're making progress.

That pattern has held true and we're observing it in today's market as well.

Today's an example that it doesn't. There are many other things that investors are focused on besides the jobs report this morning.

If you have a really strong jobs report and there's no one around to hear it, does it make a noise? today's an example that it doesn't. There are many other things that investors are focused on besides the jobs report this morning.