#USNonFarmPayrollReport The next 24 hours could seriously reshape the market outlook.
Friday, January 9, 2026, is lining up to be one of the most volatile trading days we’ve seen this year. Two major events are scheduled back to back, and together they could move stocks, bonds, and the US dollar in a big way.
Here’s what markets are focused on.
First, the December jobs report at 8:30 AM ET.
The Non-Farm Payrolls release is expected to show modest growth of around 70,000 jobs, which makes the risk of a surprise even more important. A weaker number could bring recession concerns back to the forefront and push expectations for faster rate cuts. A stronger report would likely delay hopes for Fed easing and put pressure on risk assets. Either way, this data has the power to flip market sentiment instantly.
Second, the Supreme Court tariff ruling.
This is the true wildcard. The Court is expected to decide on the legality of the administration’s emergency tariff authority, and the implications go straight to inflation and monetary policy. If the tariffs are upheld, inflation risks remain elevated and dollar strength could continue. If they’re struck down, markets could see a relief rally in equities along with a rapid shift in expectations for the Fed. This decision could change the broader macro narrative.
The bottom line is that markets are tightly wound. With the S&P 500 hovering near 6,920, conditions look like a spring ready to snap. Whether we see a breakout to new highs or a sharp pullback may come down to these two headlines.
Volatility looks unavoidable. Positioning matters.
Are you protected, or are you leaning into the move?
#JobsReport #Macro #Equities #Volatility $POL $ZEC $NS