S&P 500 sets record, Wall Street gains as weak US jobs report cools Fed rate hike bets

The S&P 500 set a new record and Wall Street rose for a second week after a weak US jobs report eased expectations of an imminent Fed rate hike. July nonfarm payrolls fell by 23,000, and prior two months were revised down by 103,000. Unemployment slipped to 4.1% as labor-force participation declined and wage growth slowed. Markets cut September rate-hike odds to 44 percent, and Treasury yields dropped. Investors now await inflation data next week; analysts warn hotter numbers could revive rate-hike bets. Fed officials describe the labor market as being in "weak equilibrium," while oil-price volatility from Middle East conflict persists.