Payrolls regain crown as most important data release for stocks

The second estimate of U.S. GDP growth for the second quarter surprised on the upside, showing a robust 3.0% quarter-over-quarter annualized rate.

"The economy continues to disprove skeptics,” strategists note. “Growth has certainly cooled relative to last year, but it has done so at a gradual pace." "Overall, this report is another step in the right direction and is consistent with a soft landing,” BofA continued. Looking ahead, the focus shifts to the upcoming nonfarm payrolls report, which is expected to bolster the view that the Federal Reserve will implement a rate cut in September.Ahead of it, Fed funds futures are pricing in a substantial 100 basis points of cuts for the remainder of 2024, indicating a"recession-sized" adjustment.

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