More earnings, April’s big jobs report and inflation worries could swing markets in the week ahead

More earnings, April’s big jobs report and inflation worries could swing markets in the week ahead

According to Dow Jones, there is a consensus forecast of 978,000 among the economists it surveyed and the unemployment rate is expected to fall to 5.8% form 6%.

Economists say payrolls in April could easily reach 1 million, after 916,000 jobs were added in March. Estimates range from about 700,000 to a forecast of 2.1 million from Jefferies economists.

"Since November, there's been a 30% rally," said Jimmy Chang, chief investment officer at Rockefeller Global Family Office. He noted that historically the November to April period is historically the strongest for stocks. "There's the adage 'sell in May, go away.' It may be somewhat appropriate this year since we've done so well in the last six months."

Stocks notched solid gains in April, as REITs, consumer discretionary names and communications services companies outpaced the broader market, all more than 7% higher. However, April finished on a sour note, with stocks selling off on Friday.

April's jobs report and a barrage of earnings news make for another busy week for markets, as the calendar rolls into May.

Fed speakers will also be important after Fed Chairman Jerome Powell said in the past week that the Fed is still looking for "substantial further progress" in its goals