The probability of a rate cut in the United States in September has risen from 40% before the employment data release to 86%.

This rate cut is bad news, not good news:

The resurgence of the 'rate cut expectation' is not due to easing inflation, but rather the 'substantial weakening' of the U.S. economy, particularly as the labor market begins to loosen.

Recession risks are approaching:

Sudden cooling of employment + significant downward revisions of data from the previous two months = the economic fundamentals are starting to turn downward. This is not a soft landing, but rather a potential uncontrollable decline.

The market is agitated in the short term, but may not be optimistic in the long term:

The stock market, bond market, and U.S. dollar may rebound or fluctuate in the short term, but this does not mean a trend reversal is in place, especially as the S&P 500 may still test support below 6000 points.