A weaker than expected jobs report lifted the market. The contrarian logic is that weakening employment numbers will give the Federal Reserve room to pause its campaign of raising interest rates.

However, after a strong rally to start the day, stocks closed the week slightly lower. Higher bond yields have been pushing buyers away from stocks.

This week was a net win for the bears. And it sets the stage for economic data coming in next week. Palantir will deliver its quarterly earnings on Monday which is expected to be a market moving report. Investors will also get more information about the direction of inflation when the consumer price index (CPI) and producer price index (PPI) are released.

These reports could point to a continued downward trend. But investors should be cautious, because it?s likely that rising oil prices are not yet priced in.