US Economy Strengthens, Reducing Chance of Rate Cuts as Markets Hit Record High

• Robust US economic data challenges expectation of Fed rate cuts

• Strong jobs report reduces likelihood of Fed cutting rates in March

• S&P 500 hits record high after jobs data, lifted by tech earnings beats

• 2024 S&P 500 earnings forecast to jump 10% after 3.6% rise in 2023

• Possibility of higher inflation from sustained above-trend growth poses risk