According to Odaily Planet Daily, Robert Pavlik, senior portfolio manager at Dakota Wealth, said the market was struggling to digest the U.S. employment data. The unemployment rate was roughly in line with expectations and lower than previous reports, but the number of new jobs fell compared to expectations, and previous data was also revised down.

Pavlik believes this is actually indicative of an economic slowdown, not a sign of a collapse. He expects a 25 basis point rate cut in September, rather than a larger one.