Trading the jobs report: Where JPMorgan sees the market going based on these scenarios

Economists polled by Dow Jones expect the U.S. economy added 190,000 jobs in May.

The all-important U.S. jobs report is looming, and the numbers could send ripples through the stock market. That would be up from the 175,000 created in April. The report comes at a key moment for stock market investors. On the one hand, Wall Street has been clamoring for the Federal Reserve to cut interest rates, so weaker-than-expected data would bolster those expectations.

It's a "positive outcome but upside is less robust as this likely means that a slew of part-time or low-income jobs are added." In-line jobs growth + strong wage growth: This outcome indicates inflation persists given tight labor market conditions. JPMorgan traders expect the S & P 500 to lose 1%-1.5% under this outcome.

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