PANTHEON: The jobs numbers “kill off any lingering chance of the Fed cutting interest rates in July, but our base case remains that a run of much weaker prints is coming, enabling a September easing. “.. we continue to look for 125bp easing this year, with a 25bp in September,… pic.twitter.com/NADBa54MOu

JPMORGAN: “.. strong labor force growth and productivity gains have broadly supported the Fed’s supply-side optimism. .. the slowing in [unit labor cost] gains to 2.5%ar over the past two years aligns with the move down in core #PCE inflation.” 🇺🇸 pic.twitter.com/cI3pwzsuua

Financials outperformed today while Utilities fell most; former is now beating latter YTD (albeit by a slim margin) … small caps underperformed with Russell 2000, Russell 2000 Growth, and Russell 2000 Value all falling by 1.1% (Russell 2000 now flat YTD) pic.twitter.com/d5MouBlbhJ

May average hourly earnings +4.1% year/year vs. +3.9% est. & +4% prior (rev up from +3.9%) pic.twitter.com/9q1AjdtsIt