The S&P 500 index hovers near record highs as traders avoid making large bets ahead of the non-farm payroll report.

On the eve of the release of Friday's non-farm payroll report, Wall Street traders avoided making large bets. The rise in oil prices has sparked inflation concerns and pushed up bond yields. Clark Bellin of Bellwether Wealth stated, "Given the rapid rise of the stock market over the past week, Friday's employment report is more critical for the market. Ultimately, the data needs to be neither too hot nor too cold for the market to continue to rise."