The missile strike on a Syrian air base around 9 PM last night sent the various stock index futures sharply lower. This is part of the old “sell first and ask questions later” mentality. As a result, the DOW futures dove to a 141 point decline while the S&P was down to a 17 point loss.

From these lows, the various futures worked their way back to about even…just as the release of the March jobs report was upon us. Those who panic-sold on the lows sure didn’t accomplish anything.  Then we had the second shocker: the jobs report came out at an incredibly low 98,000 versus that ridiculous ADP estimate of 263,000.  This could be the worst blooper ever for the unreliable ADP. How can they be so far off when they are the ones who process all of these checks in the first place? This negative number resulted in another decline in the various stock index futures.

The unemployment rate declined further to 4.5%. This was the lowest since May 2007 right before the financial collapse. The loss of 40,000 retail jobs was the big headache here. There were only 6,000 construction jobs added…strictly a function of the weather that created snow, tornadoes and heavy rain in parts of the country. In addition, the prior two months were revised lower by 38,000. The market still must believe that this very weak report will assure that the Fed raises rates in June despite the fact that average hourly earnings rose by only 0.2%.

Today, the market was able to pull itself nearly out of the water by the closing bell. The DOW lost only 6 points, the S&P and NASDAQ fell 1 point each.

Next week’s holiday-shortened week will begin some important earnings releases as on Thursday we hear from JPM and C.

Donald M. Selkin

These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning.  The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report.  This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities.  This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm.   This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author.  These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.