Trade and Market Impact - Trade tensions are affecting market performance, with President Trump accusing China of violating tariff agreements and announcing a doubling of steel tariffs from 25% to 50% [1] - Cleveland-Cliffs (CLF) has seen a significant increase of +24% in stock price due to these developments [2] - Major indexes such as the Dow, Nasdaq, S&P 500, and Russell 2000 are experiencing declines, with the S&P 500 down -20 points [2] Labor Market Insights - The upcoming Jobs Week includes key reports such as Job Openings and Labor Turnover Survey (JOLTS), ADP private-sector payrolls, Weekly Jobless Claims, and the U.S. Employment Report [3][4] - Expectations for job gains are set at +112K for ADP and +125K for BLS, with potential narratives of labor market loosening if these figures show weakness [4] - The U.S. labor force has been underestimated, with a current unemployment rate expected to remain low at 4.2% despite recent increases [6] Company Earnings Reports - Campbell's Company (CPB) reported fiscal Q3 earnings of 73 cents per share, exceeding expectations by +12% but slightly below the previous year's quarter [7][8] - Revenues for Campbell's reached $2.48 billion, surpassing expectations by +1.55% and showing growth from $2.37 billion year-over-year [8] Economic Indicators - The S&P Manufacturing PMI is expected to remain above the key 50-level at +52.3, while ISM Manufacturing is projected to decrease to +48.5% [9] - Construction Spending for April is anticipated to show a positive change of +0.2% after a -0.5% decline in March [10]

Core Insights - Private sector job growth slowed significantly in February, with only 77,000 jobs added, down from 186,000 in January, marking the lowest level of gains since July [1][2] - Concerns about policy uncertainty and a slowdown in consumer spending are contributing to hiring hesitancy among employers [2] - The Bureau of Labor Statistics (BLS) will release its Job Openings and Labor Turnover Summary (JOLTS) for January on March 11 [2] Job Openings and Labor Market Conditions - The BLS reported a decrease of 556,000 job openings in December, bringing the total to 7.6 million, down from 8.2 million at the end of November [3] - Consumer confidence has declined, affecting perceptions of current labor market conditions [3] Sector Performance - Among the 10 industry sectors tracked by ADP, six sectors experienced job gains in February, including leisure/hospitality (41,000), professional/business services (27,000), construction (26,000), financial activities (26,000), manufacturing (18,000), and other services (17,000) [4] - The four sectors that saw job losses included trade/transportation/utilities (33,000), education/health services (28,000), information (14,000), and natural resources/mining (2,000) [5] Establishment Size Impact - Small businesses (1-49 employees) lost a total of 12,000 jobs, while medium establishments (50-499 employees) added 46,000 jobs, and large establishments (500 or more employees) added 37,000 jobs [5] Wage Growth - Pay gains remained relatively unchanged in February, with job-changers experiencing a slight decrease in year-over-year pay gains from 6.8% in January to 6.7% in February, while job-stayers maintained a flat rate of 4.7% [6]