US Stocks Close Lower Amid Strong Jobs Report, Rate Hike Expectations Soar

The US stock indices closed lower across the board on September 4, Eastern Time. The strong non-farm payrolls data for August far exceeded market expectations, leading to a hike in Federal Reserve rate hike expectations in September.

The Dow Jones Industrial Average fell 0.51% to 53,419.33, while the S&P 500 Index lost 0.38% to 7,718.60. The Nasdaq Composite Index declined 0.29% to 26,506.99.

The semiconductor sector bucked the trend and gained, with Micron (MU) surging 6.1% and SanDisk (SNDK) jumping over 10%. AMD (AMD) rose 4.69%