Happy jobs day!
It's the first Friday of the month, which means that we're getting the monthly jobs report.
Economists surveyed by FactSet expect the U.S. to have added 165,000 jobs in July, down from 224,000 in June. The unemployment rate is expected to hold steady at 3.7%, with average hourly earnings rising 0.2% in July, according to economists.
The jobs report came in at 164,000.
The report comes in amidst an earnings season that's coming in stronger-than-expected. Many market experts had forecasted an earnings recession, and while companies are coming out with weaker guidance, there isn't an earnings recession hitting the markets yet.
So, what is the first thing investors should do today? Christopher Wolfe, chief investment officer at First Republic Private Wealth Management, gave his reaction to the jobs report and has some advice for investors.
Watch the full video above.