Last week's economic data provided mixed signals about growth, with investors continuing to calibrate expectations for Fed policy and corporate earnings. The S&P 500 ($SPX) (SPY) suffered more selling on Friday after a hot inflation report and weak consumer sentiment spooked investors.

Here are 5 things to watch this week in the Market.

Trump's Tariff Announcement

President Donald Trump is expected to unveil "reciprocal" tariffs on Wednesday, April 2, in what could be this week's most consequential market event. Following his previous tariff implementations and the subsequent international retaliation, these new measures could significantly impact market sentiment and sector performance. Export-dependent companies and industries with global supply chains may see pronounced reactions, while potential inflation concerns could influence broader market direction. The specific targets and scope of these new tariffs will be closely scrutinized for their potential economic impact and possible escalation of global trade tensions.

March Jobs Report

Friday's Nonfarm Payrolls report at 8:30am will provide critical insights into labor market health. Following recent mixed signals about employment trends, this report takes on additional importance for assessing economic momentum and wage pressures. The market will focus not only on the headline jobs number and unemployment rate but particularly on average hourly earnings data as a gauge of inflation. With the Fed continuing to emphasize data dependency for future rate decisions, any significant deviation from expectations could impact rate cut timing projections and create substantial market volatility.

Tesla Q1 Deliveries

Tesla (TSLA) is expected to release its first-quarter delivery and production figures on Wednesday, April 2. As the leading electric vehicle manufacturer and a bellwether for the broader EV industry, these numbers will be closely watched for signs of demand trends and production efficiency. The report will also include energy storage deployment data, an increasingly important segment for the company. Given Tesla's significant market capitalization and influence on investor sentiment, substantial surprises in either direction could impact not only Tesla stock but the entire EV ecosystem and growth-oriented technology sectors.

Manufacturing and Services Data

The week begins with several important manufacturing indicators on Monday, including Chicago PMI at 9:45am followed by Manufacturing PMI and ISM Manufacturing PMI at 9:45am and 10am respectively. Thursday brings similar reports for the services sector with Services PMI and ISM Non-Manufacturing PMI at 9:45am and 10am. These diffusion indices will provide timely insights into business activity across major economic sectors. With manufacturing showing recent signs of stabilization after months of contraction, these reports could influence expectations about broader economic momentum and corporate earnings growth.

Labor Market Signals

Monday's JOLTS Job Openings report at 10am and Thursday's Initial Jobless Claims at.8:30am will offer additional perspectives on employment dynamics ahead of Friday's comprehensive jobs report. The JOLTS data provides insights into labor demand and worker confidence through job openings and quit rates, while weekly jobless claims track emerging layoff trends. Together, these reports will help traders assess whether recent employment data represents natural labor market rebalancing or the beginning of more concerning weakness. Labor-intensive sectors and companies particularly sensitive to employment costs could see notable reactions based on these releases.

Best of luck this week and don't forget to check out my daily options article.