The markets got a minor surprise this past week when it was announced that the economy only added 98,000 net new jobs in March, about half what was expected. The unemployment rate dropped to 4.5%, a level not seen in around a decade. This jobs miss doesn’t necessarily mean that there’s anything wrong with the economy or that it’s slowing down but it does give the Fed another piece of info to consider when determining the path of interest rates for the remainder of the year.

Political tensions, again, boiled over as the U.S. responded to the chemical gas attacks in Syria by launching 60 Tomahawk missiles at a Syrian airfield. President Trump’s quick response and statement saying that he bears responsibility for the situation are a significant departure from his “America First” stance. The markets remained surprisingly resilient in light of both events. The major indices posted slight losses on the week as a whole.

This week, the ETFs I’m watching will be shaped by political events, earnings and the Fed. Here are four ETFs that I’ll be keeping an eye on this week.

Financial Select Sector SPDR ETF (XLF)

The earnings season won’t kick off in earnest for another week or two, but this week the big banks take center stage. Citigroup (C), Wells Fargo (WFC), JPMorgan Chase (JPM) and PNC Financial Services Group (PNC) all report on Thursday.

The big banks were immediate benefactors of a Trump election win with the Financial Select Sector SPDR ETF jumping more than 16% from election day to the end of 2016. 2017, however, has been a different story. Financials are the second worst performing sector behind only energy. The banks are expected to be one of the brighter spots this earnings season and we’ll learn just how bright by the end of the week.

Others: Vanguard Financials ETF (VFH), iShares U.S. Financials ETF (IYF), SPDR S&P Bank ETF (KBE), SPDR S&P Regional Banking ETF (KRE)

iShares U.S. Aerospace & Defense ETF (ITA)

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