US Stock Market: Wall Street eyes jobs data as rate hike bets and tech volatility intensify

Wall Street is eyeing the upcoming US non-farm payrolls report as investors reassess rate hike expectations after the Federal Reserve signalled commitment to containing inflation above 4%. The S&P 500 is up over 7% year-to-date but momentum has weakened in June, with the Nasdaq falling more than 4% this week amid semiconductor stock volatility. Futures markets now price in better-than-even odds of a Fed rate hike by September, a sharp reversal from earlier rate cut expectations. Oil prices have eased to around $70 a barrel from nearly $100 a month ago following a Middle East ceasefire.