June jobs report undershot forecasts, cutting rate hike odds as investors await ISM and S&P Global service indexes.
Markets face a lighter calendar this week after June’s jobs report showed the US economy added 57,000 jobs, roughly half the 110,000 consensus. May’s gain was revised down to 129,000 from 172,000, further clouding the rate outlook.
Monday’s S&P Global and ISM service-sector readings will offer fresh insight into economic momentum. ADP’s private payrolls report already signaled services drove June hiring, reinforcing the sector’s dominance. Earnings from PepsiCo and Delta Air Lines later in the week may clarify consumer resilience and energy-related travel trends.
The S&P 500 closed flat Thursday, while the Nasdaq fell 0.8% and the Dow rose 1.1%, reflecting mixed sentiment after the payrolls miss.