S&P 500

Labor-market signal: Consensus looked for 219K versus 215K previously, setting up a hotter expected print. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For equities, that changes growth expectations and the discount-rate path.

Labor-market signal: The market expected 4.3%, unchanged from the previous 4.3%, so the release mainly mattered through surprise risk. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 53.6 versus 54.4 previously, setting up a cooler expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Labor-market signal: The previous 1,821K reading was the benchmark, so the move came from how the new release changed that trend. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For equities, that changes growth expectations and the discount-rate path.

Macro catalyst: The previous 61.8% reading was the benchmark, so the move came from how the new release changed that trend. The release changed the market's read on growth, inflation or policy expectations tied to this asset. For equities, that changes growth expectations and the discount-rate path.

Labor-market signal: The previous 122 reading was the benchmark, so the move came from how the new release changed that trend. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For equities, that changes growth expectations and the discount-rate path.