Stocks notched their biggest advance since February as a slowdown in US jobs sent bond yields sliding, with traders reviving bets on Federal Reserve rate cuts this year. A softer-than-estimated payrolls number — that did not signal the labor market is rolling over — and a cooldown in wages appeased investors worrying about “stagflation” or a recession. Instead, the latest employment print gave fodder to the believers in an economy that is gradually slowing and would allow a data-dependent Fed to start easing policy as early as September.
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