Major indexes hit new highs following a better-than-expected employment report. But hopes for a July interest-rate cut fade.

S&P 500 E-Mini futures (ESU25) are up +0.03%, and September Nasdaq 100 E-Mini futures (NQU25) are up +0.08% this morning as investors sit on their hands ahead of the all-important U.S. payrolls report that will offer fresh insight into the labor market and the path of interest rates.

The dollar, Treasury yields and oil prices were little changed with the employment report in focus and recent data suggesting the Fed shouldn’t rush to cut rates.