NewsWare's Trade Talk: Friday, March 8

S&P Futures are displaying slight gains this morning ahead of this morning Non-Farms Payrolls report from the Labor Dept which could shed some light on the state of U.S. labor demand and influence how the Federal Reserve approaches upcoming interest rate decisions. Fed Chair Jerome Powell, meanwhile, says policymakers are "not far" from having the confidence that inflation is sustainably easing, fueling hopes for rate cuts this year. Fed Chair appeared dovish in his appearance before the Senate yesterday. Bidens' State of the Union speech was more political and did not contain any significant items that would drive markets today. In Europe, markets are slightly higher as the ECB displayed a dovish tone at the conclusion of the ECB meeting yesterday. Oil prices have reversed course and are now trading lower.