A weaker-than-expected jobs report sparked a widespread market rally in the last session of the week, as traders increased expectations on potential interest rate cuts later this year. In April, nonfarm payrolls expanded by 175,000 jobs, marking a significant slowdown from March’s robust pace of 315,000 and notably falling short of the anticipated 238,000. Unexpectedly, the unemployment rate edged higher, while average hourly earnings softened more than forecasted, both indicating a slowdown in momentum within the labor market. On a separate note, the latest surveys on service sector activity revealed an unexpected contraction in April, as reported by the Institute for Supply Management. Chicago Fed President Austan Goolsbee welcomed results from the jobs report, emphasizing that it boosts confidence that the economy is not overheating and inflation is not reaccelerating. The S&P 500 surged by 1.2%, pushing the overall weekly performance into positive territory. The Nasdaq 100 experienced a remarkable 2% surge, marking its most robust performance in over two months. ...