With President Trump's tariff policies stoking concerns about stagflation, investors are scrambling to update their outlooks for growth, inflation, the labor market and interest rates.

That means Friday's edition of the monthly jobs report, always a major data point, could attract greater scrutiny than usual. Appearances from Federal Reserve Chair Jerome Powell and several of his colleagues, in their last public remarks before the Fed's next rate decision, will also be closely watched.

On the corporate front, sectors reporting results Thursday include retail and semiconductors, two industries that are both vulnerable to trade tensions. Investors will be on alert for updates about tariffs and export controls.