If the jobs number is robust and wages increase nicely, the Fed will be more likely to announce a rate hike in 13 days. Treasury yields will move higher. If the jobs number is weak under 200K and there is no wage growth, the Federal Reserve is unlikely to announce the first rate hike on 9/17/15. The stock market direction is tricky. If a rate hike is coming, stocks may retreat with traders thinking the easy money party is ending. If the data is weak and a rate hike appears unlikely, that means more easy money into the end of the year, so stocks should rally.
Note Added 7:30 AM: S&P futures -19. Dow -170. Nasdq -43. Euro 1.1138. Treasury yields are; 2-year 0.68%, 5-year 1.46%, 10-year 2.13%, 30-year 2.91%.
Note Added 9:08 AM:
(As always, the daily machinations of the stock market are chronicled and explained by Keystone the Scribe. The monthly publication of the Daily Chronology of Global Markets and World Economics is the only detailed and concise document available on the internet or in print that describes the historic stock market topping behavior this year and roll over to the downside. The publication for August, 2015-08 is available from Amazon via the link in the left margin.)