Dow Plunges 153 Points as Strong Jobs Data Boosts Rate Hike Bets

The US stock market opened lower on Friday after stronger-than-expected August employment data boosted expectations of a Federal Reserve interest rate hike at its September meeting.

The Dow Jones Industrial Average fell 153 points, while the S&P 500 declined 0.10%. The Nasdaq Composite was mostly unchanged at open.

The strong jobs report added 162,000 new jobs in August, exceeding the 56,000 increase expected by economists. The unemployment rate remained at 4.1%, in line with expectations.

Fed Governor Christopher Waller's earlier comments on keeping interest rates unchanged had previously reduced rate hike expectations and lifted US stocks. However, Friday's stronger labor market reading prompted traders to increase bets on a September rate hike.