8 Key Items Shaping the Stock Market Friday

From the jobs report to corporate earnings surprises, here are the eight most important factors driving market action on Friday.

1. The January jobs report showed the economy added 187,000 nonfarm payrolls, slightly below the 200,000 consensus estimate but enough to keep recession fears at bay.

2. Average hourly earnings grew 4.1% year-over-year, a sign that wage inflation is gradually moderating toward the Fed's comfort zone.