Jobs report strong across the board. Downward benchmark revisions not concerning, fit productivity story. Market's negative reaction likely due to consternation about pricing out Fed cuts, but don't extrapolate January strength to rest of year. Need to get through recent layoff churn, look for labor stabilization by mid-year. Outright positive sign for economy.

Rally leadership in two buckets: 1) Cyclical strength (energy, materials, industrials) fits hints of US economic cyclical upturn, bolstered by jobs. 2) Defensive moves like staples are a catch-up trade, not an economic signal. Market breadth profile has been strong/improving over past months, a positive story, even though cap-weighted S&P has struggled. Gains won't be as strong without tech leading, but cyclical upswing benefits non-US markets like Europe.