Europe Elections, Jobless Claims in Focus for Coming Week

The major U.S. equity indices just endured their worst week of the year. The big blow came on Friday when the April employment report came in weaker than expected, showing that only 115,000 jobs were created during the month. Investors are worried about a repeat of the last two years when stocks peaked in the spring.

The Dow Jones Industrial Average fell 1.46%, or 192.62 points, this week, closing on Friday at 13,035.77. The blue-chip index has risen 6.7% year to date.

The S&P 500 dropped 2.21%, or 30.9 points, to close this week at 1,369.08. Year to date, the index has risen 8.86%.

The Nasdaq Composite lost 3.49%, or 106.8 points, to close on Friday at 2,956.34. The index has climbed 13.48% year to date.

Even though the French election may not weigh very much on the U.S. markets, it will bring Europe back into the forefont of investors' minds after they had a sharper focus this week on US. economic news, Lazorishak added.

"If there's nothing better to trade on in the market, it trades on Europe," Lazorishak said, noting that in the absence of meaningful U.S. economic data or earnings, the market's focus will be on Europe.