Equities bounced back strongly on Monday nearly reversing all of the loss posted on Friday. The move was driven more by a return to normal trading after the holiday than anything else but comments from President Biden helped calm nerves. President Biden says renewed lockdowns aren?t needed despite the new Omicron variant of COVID-19 which is good news indeed. Another round of lockdowns, however short, could throw an already overtaxed supply chain into full collapse.

This week?s trading will be dominated by economic data. There is a full slate of data to be released including the monthly non-farm payrolls report or NFP. The NFP is expected to show an increase of nearly 600,000 net new jobs in the last month and could easily exceed that figure. The latest JOLTs report indicated upwards of 10 million open jobs.