S&P 500

Growth momentum: The previous 54.5 reading was the benchmark, so the move came from how the new release changed that trend. 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: Actual 4.2% missed the 4.3% forecast, pushing the market toward a softer macro read. 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.