The odds of a rate cut at the Federal Reserve's next meeting evaporated after a resilient jobs report for June alleviated concerns about a slowing US economy.

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.

Financial market bets rose that the Federal Reserve could start interest-rate cuts as soon as this month after Fed Chair Jerome Powell, asked if July was too soon to consider rate cuts, said he "can't say" but that the decision would depend on the economic data.