News Summary

• The S&P 500 closed Friday up 0.7%, for a gain of roughly 1.1% on the week.
• Friday's jobs report is expected to show 88,000 payrolls were added in July, advancing well over June's 57,000 jobs added.
• The 30-year Treasury bond yield pushed above 5.2% to reach its highest level since 2007 on Wednesday.
• If the jobs print comes in significantly above target, the combination of a stronger-than-expected labor market and sticky inflation would only further the case for rate hikes.