JPMorgan and Goldman Sachs have outlined their expectations for the S&P 500 based on upcoming non-farm payroll (NFP) data. According to JPMorgan, if the NFP exceeds 300,000, the S&P 500 is expected to gain between 0.25% and 0.50%. For NFP figures between 200,000 and 300,000, the S&P 500 could rise by 1.00% to 1.50%. If the NFP is between 150,000 and 200,000, the S&P 500 may gain 0.75% to 1.25%. If the NFP falls below 50,000, the S&P 500 could fall by 1.25% to 2.00%. Goldman Sachs provides a similar outlook, with the S&P 500 expected to rally 50 to 100 basis points if the NFP exceeds 250,000, and at least 100 basis points for NFP between 200,000 and 250,000. For NFP figures between 150,000 and 200,000, the S&P 500 is expected to rally 25 to 50 basis points, while figures below 100,000 could result in a sell-off of at least 100 basis points. JPMorgan also notes that an NFP figure between 150,000 and 200,000, with the unemployment rate staying at 4.3%, aligns with a 50bp cut at the September Fed meeting.