The June jobs report is out, and in pre-market trading, most of the declines have been recouped—so the reaction has been relatively positive.

This data has two major highlights.
One is that nonfarm employment rose by only +57k, far below expectations. This is one of the weakest readings since 2026, coming close to the low level of an average +36k over the past 12 months.
Another is that the prior values were revised significantly lower: April was cut from +179k to +148k (-31k); May was cut from +172k to +129k (-43k).
The total downward revision over the past two months is 74k, indicating that the previous employment strength was somewhat overestimated.
So the probability of a short-term rate hike has decreased—we definitely need to push it back and evaluate along the way.
But in any case, tonight will certainly be the last drop for U.S. stocks this week, because tomorrow the United States celebrates Independence Day and the market will be closed😅