"If the jobs data weakens from now on, whether the Fed's first rate cut is 25 basis points or 50 basis points, the market is likely to trade on a safe-haven tone," Mike Wilson of Morgan Stanley, one of the most prominent bears until mid-2024, wrote in a note. On the other hand, he said that if the jobs picture improves, the Fed will cut interest rates by 25 basis points in a row by mid-2025, which could further support U.S. stock valuations.