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Just noticed the setup looked pretty rough going into that Friday session on Wall Street. Futures were all in the red - Dow down 0.6%, S&P futures off 0.66%, and Nasdaq sliding 0.89%. The whole vibe was shaky because of rising oil prices and Middle East tensions spilling into Cyprus, Turkey, and other regions. Crude was jumping hard, up almost 7% to $86.50 a barrel, which tends to mess with sentiment across the board.
The Trump admin was apparently looking at some emergency moves too - talking about strategic oil reserve releases and naval escorts for tankers to help with energy costs. India even got a 30-day waiver to buy Russian oil. All of this had traders watching the non-farm payroll data coming at 8:30 AM ET like a hawk.
Thing is, Wall Street had already taken a hit the day before. The Dow dropped 784 points (1.6%) to close around 47,954, S&P 500 fell 0.6%, and Nasdaq was down 0.3%. So there was already weakness baked in before this particular session. Meanwhile, gold was climbing too - up about $21 an ounce - which usually signals people getting defensive. Asian markets were mixed after China announced some tech investment plans, and European indices were mostly down across the board. Definitely felt like one of those days where geopolitical risk and energy concerns were calling the shots on Wall Street.