Stocks closed mostly lower yesterday, although the mid-cap S&P 400 finished higher with a gain of 0.69%.

Super Micro Computer was one of the big winners yesterday as they surged 18.8%.

After the close last Friday (3/1), it was announced that they would be joining the S&P 500 Index. The move will take effect before the open on Monday, March 18. (Deckers Outdoor will also join the S&P at that time as well. They were up 2.50% yesterday.) They will replace Whirlpool and Zions Bancorp.

Even with Super Micro Computer going up, along with NVIDIA and Advanced Micro Devices, the tech-heavy Nasdaq still ended lower. Moderately lower, but lower nonetheless.

There was not much in the way of economic reports out yesterday.

Today, however, will be busier with the PMI Composite report, Factory Orders, and the ISM Services Index.

It gets busier still later in the week. On Wednesday, Fed Chair Jerome Powell will be giving his Semiannual Monetary Policy Report before the U.S. House Financial Services Committee. And on Thursday, he'll do it again, this time before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

But the main event will be Friday's always important Employment Situation report.

The Fed's dual mandate requires them to keep prices stable (as such, they target a 2% inflation rate), but also to promote maximum employment. It's a juggling act at times. While every inflation report can have an impact of the Fed's decision making, so too does the employment report.

The labor market has been incredibly resilient. Last year, Mr. Powell remarked with seeming incredulity (given the Fed's historic rate hike cycle), that rates have risen to 5% while the unemployment rate is still so low.

The unemployment rate is a proxy for the economy. Gladly, wage inflation has cooled. But if the jobs market remains hot, it suggests higher interest rates may not have slowed the economy down sufficiently to eventually push inflation down to 2%. So Friday's report will be watched closely.

After Friday, we'll get two more inflation reports next week: the Consumer Price Index (CPI) on March 12, and the Producer Price Index (PPI) on March 14.

And then after that, the Fed has their next FOMC meeting on March 19-20.

Nobody is expecting the Fed to cut rates at the March meeting. But they will begin talking about when they might begin to cut rates. And that's what everybody is anxious to hear.

In the meantime, we'll get more earnings today with another 263 companies on deck to report, including retail giant Target before the open, and CrowdStrike and Ross Stores after the close.

What a year it's been so far. And it's just getting started.

See you tomorrow,