U.S. employers added 224,000 jobs in June, beating Wall Street’s expectations of 160,000 likely quelling some concerns about an impending economic slowdown on the heels of a worse-than-expected month for job creation.

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“The bounce back in the June jobs number may splash cold water on the notion of an imminent Fed rate cut,” said Tony Bedikian, managing director at Citizens Bank.

Still, traders are pricing in a 100 percent chance of a cut.

“We’ll have to see whether the equity markets can shrug that off when balanced against other macroeconomic factors, such as the hope of a China trade truce,” Bedikian said.

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But the trade rhetoric cooled

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