Renowned investment strategist Jeffrey Gundlach believes the Federal Reserve will almost certainly cut interest rates at its upcoming meeting following a “wild” jobs report that revealed significant downward revisions.

Global stocks rose for a second session on Tuesday and the U.S. dollar steadied as investors raised bets the Federal Reserve would act to prop up the world's largest economy.U.S. shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday.

U.S. employers added just 73,000 jobs in July and the May and June numbers were revised sharply lower, boosting the chances of a September rate cut.