Richard Drew/AP
US stocks fell Friday as the September jobs report came in much stronger than estimated, blunting hopes for a more dovish Federal Reserve.
The Labor Department reported that 336,000 new jobs were added, well above forecasts for 170,000. However, wage growth did slow, and unemployment held at 3.8%.
The report added fire to the ongoing Treasury market sell-off, causing the 10-year yield to spike as much as 14 basis points to 4.85% before easing back a bit. Meanwhile, the 30-year bond rate surged past 5%.
"Not only does today's report indicate the economy is almost too hot to handle and the Fed will need to respond with more rate hikes, it reinforces the higher-for-longer narrative that has been spooking bond markets for the past few weeks," Principal Asset Management's Seema Shah said. "Markets want the perfect landing and instead they are facing an upward sloping path."
Here's where US indexes stood at the 9:30 a.m. opening bell on Friday:
Here's what else happened today:
In commodities, bonds, and crypto: