Wall Street Slumps Amid Strong NFP Report, Interest Rate Hike Expectations

On Wall Street, stocks closed in the red on Friday, with the Dow Jones down by about 1%. The S&P 500 and tech-heavy Nasdaq suffered smaller losses, falling by around 0.4% each.

The strong NFP report released on Friday has fueled expectations of a 0.25 percentage point interest rate hike by the FOMC at its upcoming meeting.

Investors are now awaiting key inflation data from the CPI and PPI reports, which could significantly impact their decisions on the Fed's next move.