Equity markets pulled back on Tuesday after posting a small gain in the preceding session. The move was driven by concerns sparked by the spike in oil prices caused by OPEC. The rise in oil prices should bring another round of windfall profits to the oil industry and inflation. When inflation reaccelerates, the FOMC can be counted on to increase interest rates to match, which might break the economy.

Labor data will be a driving force in the markets this week. The JOLTs report showed a surprise fall in job openings that may be echoed by weakness in the ADP and NFP reports. The key metric, however, may be the wage gains running in the high single-digit range.