IonQ (IONQ 11.73%) stock enjoyed a strong rally in Wednesday's trading thanks to multiple bullish catalysts. The company's share price rose 11.6% in a day of trading that saw the S&P 500 climb 0.4% and the Nasdaq Composite rise 0.9%.

IonQ stock rose today as new macroeconomic data pointed to a potential interest rate cut this month and news of a trade deal with Vietnam pointed toward some stabilization on the global business front. Cantor Fitzgerald also weighed in with bullish coverage on the quantum computing specialist.

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Macro developments helped power a big rally for IonQ today

ADP published data on U.S. private sector payrolls for June today, and the report showed that jobs in the category fell by 33,000 in the period. Meanwhile, the average economist forecast had called for net gains of 110,000 jobs in the period.

IonQ stock also rose today thanks to news that the U.S. has reached a new trade agreement with Vietnam. While the trade deal between the U.S. and Vietnam will likely have minimal immediate impact on IonQ's business performance in the near term, it does represent a favorable development on the valuation front. As manufacturers move to shift production out of China, Vietnam is one of the most important alternative production hubs. An improved outlook on global trade should help support a bullish environment for stocks.

What's next for IonQ?

In a note published before the market opened today, Cantor Fitzgerald initiated coverage on IonQ with an overweight rating. The investment firm also set a one-year price target for $45 per share on the stock. But after today's rally, Cantor's price target suggests additional upside of less than 1%.

Charting future performance for players in the quantum computing space involves an incredibly high level of guesswork. The technology has the potential to deliver revolutionary new computing capabilities, but predicting which individual players in the space will hit it big is highly speculative. Investors should move forward with the understanding that the potential for IonQ stock to deliver huge returns also comes with a very high level of risk.