America added just 57,000 jobs in June against 115,000 expected, with the two prior months revised down another 74,000. The first reflex on Wall Street wasn't fear but relief: bond yields fell, bets on another rate hike got cut, and the Dow poked a fresh record, though the move stayed choppy. Episode 73 unpacks that reflex: the reaction function, or why a weak jobs report can be greeted with relief when what the market fears most is the central bank staying tough. Plus the setup for a Friday like no other this week, with US markets closed for Independence Day, so India trades its own tape.

What's inside:

- The June US jobs report: 57,000 added, unemployment 4.2 percent, but for the wrong reason

- Why a soft number brought relief instead of fear, and the honest catch that stops you misusing it

- India's Thursday close: Nift ...