Wall Street’s main indexes bounced back on Monday after a sharp pullback in the previous session, buoyed by growing expectations of deeper Federal Reserve interest rate cuts following an unexpectedly weak jobs report.

At 11:39 a.m. ET, the Dow Jones Industrial Average rose 463.55 points, or 1.06%, to 44,052.13, the S&P 500 gained 74.56 points, or 1.20%, to 6,312.57 and the Nasdaq Composite gained 325.95 points, or 1.58%, to 20,976.08.

Both the S&P 500 and the Nasdaq were on track for their biggest single-day jump in more than two months.

This is in contrast to Friday, when a dismal U.S. jobs report hammered the S&P 500 and sent it to its steepest intraday drop since May 27.

The bleak data that also accompanied steep downward revisions for May and June forced market participants to amplify their bets for Fed rate cuts this year, noting signs of a weakening labor market.

“When you have a Fed that operates in a lagging sense, you’re going to have the market moving around as the data comes, that’s what we’re seeing with the weaker jobs report,” said Charlie Ripley, senior investment strategist for Allianz Investment Management.

Odds for a September rate cut now stand at about 84%, according to CME Fedwatch. Market participants see at least two quarter-point cuts by the end of this year.

Underscoring uncertainty, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer the same day, accusing her of faking the jobs numbers.

“The revisions … it brings a level of skepticism into the data sets,” Allianz Investment Management’s Ripley added.

Investors also weighed Fed Governor Adriana Kugler’s unexpected resignation, which could open the door for President Donald Trump to reshuffle the central bank’s leadership to his favor.

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Trump has repeatedly threatened to fire Chair Jerome Powell, believing that rates should be much lower than they are.

Meanwhile, Tesla rose 1.2% after granting CEO Elon Musk 96 million shares worth about $29 billion.

All S&P 500 sub-sectors were trading in the green, with communication services leading gains with a 2% jump.

U.S. factory orders tumbled 4.8% in June after an upwardly revised 8.3% increase in May, owing to a sharp drop in commercial aircraft orders.

Meanwhile, Trump threatened to substantially raise tariffs on India over its purchases of Russian oil. Last week, Trump slapped a 25% tariff on goods imported from the country.

After a big week for Big Tech earnings, companies from various sectors, including Palantir, Eli Lilly and Disney, will report this week.

Among notable movers, Joby Aviation rose 20.7% after Bloomberg News reported that the company was exploring the acquisition of helicopter ride-share operator Blade Air Mobility. Blade Air’s shares surged 26.6%.

IDEXX Laboratories soared 26.8% after the animal diagnostics maker raised its full-year profit and revenue forecasts and reported better-than-expected second-quarter results.

Spotify jumped 6.8% as the music streaming platform announced plans to raise the monthly price of its premium individual subscription in select markets from September.

Advancing issues outnumbered decliners by a 4.76-to-1 ratio on the NYSE and by a 2.8-to-1 ratio on the Nasdaq.

The S&P 500 posted 25 new 52-week highs and seven new lows, while the Nasdaq Composite recorded 52 new highs and 72 new lows.

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(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Maju Samuel)