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Jobs Report Woes to Linger in Coming Week

"The jobs report falls right into the Federal Reserve's mandate of employment, so it gives the Fed a reason to pump money back into the market," said Rick Fier, equity trading director at Conifer Securities.

Paul Ashworth, chief U.S. economist at Capital Economics, said the market could get some insight into where the central bank stands sooner than later.

"Given the marked slowdown in employment growth, Fed Chairman Ben Bernanke's congressional testimony on the economic outlook next Thursday is now going to be even more closely watched for any hint that QE3 is coming, possibly even at the June FOMC meeting," he wrote.

"We still don't think it is the near certainty some commentators seem to believe," Ashworth continued. "Nevertheless, it does now appear that the global slowdown, and events in Europe particularly, are beginning to have a more marked impact on the US economy. And given the uncertainty surrounding exactly how events in Europe will play out, we certainly wouldn't rule out a QE3 if conditions continue to deteriorate."

The headlines from Europe, of course, will continue to be closely watched as well. The next round of elections in Greece looms on June 17, and it's still not quite clear what plan Spain expects to implement to confront its financial difficulties.

"The market has to focus on Europe because earnings are over," said Fier of Conifer Securities. "Nothing good is going to come out of Europe. They keep dragging their feet, and that's dragging their economy into a predicament."

Matt Swaim, managing director and portfolio manager at Advisory Research, believes European officials need to start providing concrete details about their path forward to bolster confidence within the financial markets that the eurozone can remain intact.

"I think it's inevitable that we'll focus on some policy decisions here -- the U.S., E.U. and Asia and how they plan to deal with slowdowns from financing issues and how that creates stability and a path forward," Swaim said. "We have seen Europe kind of dither through the issue and not put a long-term policy in place."

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