And then once the G-20 is over, traders will turn their sights to next Friday's jobs report. As Patti Domm notes, economists expect 158,000 jobs were created in June, up from a disappointing 75,000 in May.
Ironically, traders may want a number weaker than that, giving the Federal Reserve the greenlight to cut rates more aggressively (50 basis points?) at its meeting later next month.
The ideal scenario for Wall Street next week would be a trade truce, followed by a tepid jobs report that allows the Fed to step in, but one that doesn't indicate a deeper economic slowdown than just a soft patch.
