US equity markets staged a recovery on Thursday, with the S&P 500 Index climbing 0.6% by mid-morning in New York.
The broad-based rally erased losses from the previous session as investors digested a softer-than-expected June jobs report.
4% in the session. The market move reflects a rapid repricing of Federal Reserve policy expectations.
The technology-heavy Nasdaq 100 Index also advanced, gaining 0.4% in the session.
The market move reflects a rapid repricing of Federal Reserve policy expectations.
The disappointing employment data has significantly dimmed the prospect of additional interest rate hikes, providing relief to rate-sensitive sectors.
Traders are interpreting the labor market cooling as a signal that the Fed may pause its tightening cycle or even pivot to cuts sooner than previously anticipated.