Stocks
Stocks Sink as Strong Jobs Report Puts Rate Hike on Table
US stocks fell on Friday after a surprisingly strong jobs report raised prospects of an interest rate hike. The S&P 500 dropped 29 points to 7,718.60, while the Dow Jones Industrial Average lost 272 points to 53,414.25.
The Nasdaq composite gave back 77 points to close at 26,506.99, despite gains in tech stocks such as Nvidia and Advanced Micro Devices.
Expectations for a rate hike in September increased to 60.4% after the release of the jobs report, up from 49.4% on Thursday and 57% a week ago.