Week Ahead on Wall Street: The February Jobs Report

Estimated reading time: 4 minutes

With the February jobs report due on Friday, Wall Street’s attention this week will be focused on the state of the U.S. labor market and what it means for interest rates.

The Federal Reserve is less likely to cut its benchmark interest rate if the labor market is healthy. And in January, after lackluster employment growth for much of last year, the job market looked to be stabilizing – or even strengthening. The country added 130,000 jobs, double the 65,000 that Wall Street expected, and the unemployment rate fell slightly to 4.3%.

This sets up an interesting dynamic for Friday’s release of the February data. If it’s stronger than expected, the Fed’s cautious stance will be validated and investors may even assume fewer rate cuts in the year ahead. Right now market pricing shows investors expect two 25 basis point interest rate cuts this year, giving a third ~20% odds. 

On the other hand, the February data could be weaker than expected, signaling January’s improvement was an aberration and bolstering the case for another rate cut in the near future. Either way, the new data will set the tone for the weeks ahead. 

Economic and Earnings Calendar

Monday

• February ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment.
• Earnings: Norwegian Cruise Line Holdings (NCLH)

Tuesday

• February Wards Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.
• Fedspeak: New York Fed President John Williams will give keynote remarks at the America Credit Unions Governmental Affairs Conference. Minneapolis Fed President Neel Kashkari will take part in a conversation at the 2026 Bloomberg Invest Conference.
• Earnings: AutoZone (AZO), Best Buy Co (BBY), CrowdStrike (CRWD), Ross Stores (ROST), Target (TGT)

Wednesday

• February ADP Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends. 
• February S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment. 
• February ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.
• Fed Beige Book: This report is released eight times per year and tracks the state of the economy based on qualitative information.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Earnings: Broadcom (AVGO), Brown-Forman (BFB)

Thursday

• February Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector. 
• January Import/Export Price Indexes: These indexes track the changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world. 
• 4Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.
• Earnings: Ciena (CIEN), Cooper Companies (COO), Costco (COST), Kroger (KR)

Friday

• January Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand. 
• February Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month. 
• January Consumer Credit: Borrowing activity gives insight into broader economic activity.
• Fedspeak: Cleveland Fed President Beth Hammack will take part in a panel on the dollar’s safe-haven status at the 2026 US Monetary Policy Forum.

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