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Today was all about the jobs report.
First the scoreboard.
Dow: 13,306.17, +14.17, +0.11%

S&P 500: 1,437.92, +5.80, +0.40%

NASDAQ: 3,136.42, +0.61, +0.02%

And now the top stories:
  • At about 8 a.m. ET, Intel cut guidance, lowering its third quarter revenue expectations to $12.9 billion - $13.5 billion, from $13.8 billion - $14.8 billion. The stock is down about 3.5 percent. Importantly, their press release highlighted that customers are cutting their inventory and that emerging market demand is slowing.

  • After yesterday's strong job numbers, expectations were high for today's employment report out at 8:30 a.m. ET. But the private sector added just 96,000 jobs in August, below expectations of 130K. The unemployment rate fell to 8.1 percent, but that was attributed to a drop in the participation rate. Markets which were modestly higher earlier in the day,sold-off right after the report and then came back. 

  • Morgan Stanley's chief U.S. economist David Greenlaw took to twitter to react to the jobs report. He tweeted that policy uncertainty would continue to impact hiring in the near-term and added, "We were skeptical that [the] Fed would trigger QE3 in Sept. but now see QE3 announcement Thursday as a toss-up."

  • Goldman Sachs' Jan Hatzius said he now expects QE3 at the September 12-13 FOMC meeting. This compared with his previous call for QE3 at the December meeting. 

  • UBS's Sam Coffin was also of the same vein and wrote: "For the Fed, that growth pace does not represent the substantial and sustainable improvement in activity necessary to head off further accommodation. As such, we now forecast new easing at the September 13 FOMC meeting. That easing will probably take the form of a longer-term commitment to hold the funds rate at extraordinarily low levels as well as a new round of Treasury (and perhaps MBS) buying by the Fed."

  • Copper prices were near a four-month high today after China announced its latest infrastructure stimulus and on renewed expectations of QE3. Copper for December delivery settled at $3.64 per pound on the COMEX. Stocks like Freeport-McMoRan Copper & Gold Inc. and Alpha Natural Resources soared on the back of a broader rally in material stocks. 

  • Pandora's stock was off over 15 percent today on news that Apple is looking to launch a streaming radio service. Apple is reportedly already in talks with music labels to license music.