EDITOR'S NOTE

The major U.S. stock indexes dipped on Friday. The S&P 500 closed down 0.5%, ending the day at 4,395.26, while the Dow Jones Industrial Average dropped 149.06 points to close at 34,935.47. The tech-heavy Nasdaq Composite slid 0.7% to end the session at 14,672.68.

Investors ruminated over Amazon’s quarterly earnings disappointment. On Thursday afternoon, the e-commerce giant reported $113.08 billion in revenue versus the $115.2 billion predicted by analysts surveyed by Refinitiv. Sure enough, investors punished the company on Friday as shares slumped nearly 7.6%.

Chevron and Exxon Mobil reported earnings beats on Friday morning, but shares of both companies slipped. Chevron was down 0.7%, while Exxon lost 2.3%.

Indeed, even Robinhood ended Friday up 0.9% – and that’s after declining about 8.4% when it debuted the day before.

It’s almost as if investor enthusiasm is waning – and that seems to be a theme as of late. “Some momentum signals are suggesting fatigue, and reactions to earnings suggests much fundamental good news is priced in,” wrote Mike Santoli, CNBC’s senior markets commentator.

In the upcoming week, look to July’s jobs report for hints on how the market will fare for the month of August. The U.S. Bureau of Labor Statistics will release that data on Friday, Aug. 6, and it’s expected to show 788,000 nonfarm payrolls, down from 850,000 in June, according to Dow Jones.

A blowout number of jobs added – say, over 1 million – could lead to a sell-off in stocks on the idea that that the Federal Reserve would be closer to paring back its bond-buying program, according to Ironsides Macroeconomics’ Barry Knapp. “We are in a dead period after earnings, with concerns about the pace of the reopening,” he said. “It’s still a bit of a question mark. The bias would be higher after a weak number…. Bad is good. Good is bad.”

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