US Stock Market: Soft US jobs data eases Fed rate fears, lifts market sentiment

US job growth slowed more than expected in June, with payroll revisions for the prior two months also lower, signalling a cooling but stable labour market. The softer data eased fears of a near-term Federal Reserve rate hike, with traders pricing roughly even odds of a September increase. A moderation in jobs alongside easing inflation strengthens expectations of a more accommodative Fed stance, which is supportive for global equity valuations, particularly in technology and growth sectors.