Wall Street showed an increase in risk appetite on Thursday, driven by indications that the labor market cooled in August, solidifying expectations for the Federal Reserve to initiate interest rate cuts at the meeting on Sept. 17. The ADP National Employment Report revealed a mere 54,000 job additions in August, a significant drop from 106,000 in July and well below the anticipated 65,000. With job growth decelerating, economists are now predicting the upcoming official nonfarm payrolls report to exhibit just 75,000 new jobs—a marginal increase from July's 73,000, below the standard needed for economic sustenance. In response, the likelihood of a rate cut surged, with markets foreseeing an almost certain 25-basis-point cut by the Fed this month, according to CME FedWatch Tool data. Odds for a subsequent cut before the year ends rose to 90%. Treasury yields slackened as well, seen in the 30-year yield decline.