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US stocks surged following a stronger-than-expected June jobs report that reduced expectations for near-term Federal Reserve rate cuts. The S&P 500 gained 0.8%, the Nasdaq rose 1%, and the Dow climbed over 0.8%, with all indices approaching or reaching record highs.

The jobs report exceeded forecasts with 147,000 new jobs added versus the expected 106,000, while unemployment unexpectedly dropped to 4.1%. This strong data led traders to significantly reduce bets on rate cuts, essentially removing the possibility of a July cut.

The report also mentions ongoing tensions between Trump and Fed Chair Jerome Powell, with Trump calling for Powell's resignation and reports suggesting he may announce a successor early, which has contributed to investor hopes for future rate reductions.

A look at the day ahead in European and global markets from Stella Qiu.

It's been a pretty muted session in Asia and rightly so, given the high stakes in U.S. payrolls data due later in the day that could make or break the case for a July rate cut and spur big moves in Treasuries and foreign exchange markets.

Investors in Asia did not seem to share the optimism on trade that pushed Wall Street to record high closes overnight, after President Donald Trump said the U.S. had reached a trade agreement with Vietnam. Details remain unclear.

The market showed no significant reaction to the latest developments on Trump's "big, beautiful bill" on tax cuts. Republicans in the House of Representatives on Wednesday moved closer toward advancing the package, apparently overcoming objections by a handful of party hardliners who had raised concerns about cost.

Trump said the U.S. will impose a 20% tariff on all imports from Vietnam which, while lower than the 46% tariff that had been threatened, is still much higher than previous rates.

It was unclear how a 40% duty on all trans-shipments through Vietnam, aimed at products largely made in China and then labelled "Made in Vietnam", could be implemented.

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Tesla posted another big drop in quarterly deliveries on Wednesday, setting it up for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle lineup.

The automaker said it delivered 384,122 vehicles in the second quarter ended June 30, posting a fall of 13.5% from 443,956 units a year ago, despite Musk saying in April that sales had turned around.

Still, its shares rose 5% as the decline was less severe than the bleakest analyst forecast, partly helped by a modest recovery in demand in China. The stock has lost nearly 25% of its value this year.

Analysts expected Tesla to deliver 394,378 vehicles, according to an average of 23 estimates from Visible Alpha, although projections dropped as low as 360,080 units based on estimates from 10 analysts over the past month.

Several Wall Street brokerages had slashed their deliveries estimates in the past month, fearing demand and brand damage from Musk's embrace of right-wing politics and his role in spearheading the Trump administration's cost-cutting effort.

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