By Saqib Iqbal Ahmed and Laura Matthews

NEW YORK, July 2 (Reuters) – A tepid June jobs report offers relief for U.S. equities just as investors had begun to worry that excessive labor market strength might force the Federal Reserve to turn more hawkish ‌in its fight against inflation, hobbling highflying tech stocks that have driven this year’s rally.

U.S. job growth slowed more than expected in ‌June and payroll gains for the prior two months were revised lower, the Labor Department said on Thursday, pointing to a cooling but still stable labor market that prompted financial markets ​to dial back expectations for a near-term Federal Reserve rate hike.

That could buy the stock market…