Wall Street expects a strong jobs report Friday, but traders may not be
reassured as war-driven crude volatility has refocused attention on inflation.
Crude prices continue to climb while equities have held up, yet concerns about
inflation persistence and the Fed's likely response are increasing. Traders say
the June Fed rate decision — preceded by the June CPI release — is the S&P 500's
key near-term event. Citigroup data show options imply a ±0.6% move for the S&P
500 on Friday, the calmest jobs-day implies move in months.
