The June jobs report cratered the odds for a July rate cut. Stocks cheered the strong data but dimmer rate-cut views prevented bigger gains.

Headline numbers from the June jobs report took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall.

The latest labor market data reinforces the central bank’s wait-and-see approach to lowering borrowing costs, despite pressure from President Trump.