With the job data that just came out, there WILL be a rate cut FOR SURE with all of the job data deteriorating, there is no way Fed can just leave the rate to be. With unemployment rate also dropping, he just won't go for the higher 50 bps rate cut that Wall Street was hoping for. But 25 bps cut, definitely!!
At the same time, it also shows the economy is not doing too bad as what everyone has been fearing all week. Its job number is better than last month at least and the unemployment rate is dropping which indicates more people are working and that indicates an increase in productivity which will help keep the inflation down.
I see an up day for today. The job situation has deteriorated but not too deteriorated into a recession, just deteriorated enough for a Fed rate cut. So it's a win-win for the market. Rate cut + no recession + inflation rate moving into target range.