U.S. stocks rebounded Monday, lifting risk assets broadly, including crypto. But analysts remain cautious, citing persistent macroeconomic uncertainty and growing signs of excess across markets.

The tech-led rally saw the Nasdaq and Russel 2000 indexes jump 1.84% and 2.35%, respectively. Bitcoin, on the other hand, saw a modest uptick of 0.74%, according to CoinGecko data. 

Market gains tracked a sharp shift in sentiment following a 258,000 downward revision to May and June jobs data, fueling expectations of a Federal Reserve pivot. 

The probability of a 25 basis point rate cut in September has surged to over 90%, up from 63.1% a week earlier, according to the CME’s FedWatch Tool.

“The bounce today looks fairly…