Forex
S&P 500 and Dow Jones Tumble on Strong Jobs Report
The S&P 500 and Dow Jones Industrial Average declined on Friday after a strong jobs report pushed bond yields higher, raising concerns that the Federal Reserve could hike rates at its September meeting.
Nonfarm payrolls grew by 162,000 in August, exceeding the projected 53,000 payroll addition. The unemployment rate remained steady at 4.1%, according to Friday's Bureau of Labor Statistics report.
Citi pushed back its forecast for Federal Reserve interest-rate cuts to mid-2027, citing strong U.S. employment figures that signal continued labor-market strength and reduce the rationale for near-term monetary easing.