Stock market today: Dow, S&P 500, Nasdaq slip as hot jobs report fuels Fed rate-hike bets
- ^DJI
- ^GSPC
- ^IXIC
US stocks slipped as investors ramped up bets of a Federal Reserve rate hike following a surprisingly strong August jobs report.
The Dow Jones Industrial Average (^DJI) fell 0.6%, and the S&P 500 (^GSPC) declined by 0.5% after the two benchmark indexes posted their best day in nearly a month. The tech-heavy Nasdaq Composite (^IXIC) dipped 0.4%.
(^DJI)
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53,414.51-271.60(-0.51%)
As of 2:57:33 PM EDT. Market Open.
^DJI^GSPC^IXIC
All eyes were on the August payrolls report, which showed 162,000 jobs added in the previous month, blowing past economists’ expectations of 55,000 jobs added. That offered a strong countersignal to the economic data released this week, which suggested the labor market remained stuck in a pattern of sluggish but stable growth.
The question on Wall Street was whether August’s strong jobs number would be enough to tilt the Fed toward hiking interest rates. Following the hot jobs report, traders increased their bets of a Fed rate hike in September to roughly 60% odds
In individual stock moves, Lululemon stock tanked 16% after the athleisure apparel company cut its revenue and profit guidance, and second quarter revenue declined. There are no other notable earnings reports scheduled for Friday.
