US stocks slip as August jobs raise Fed rate odds
Business
US stocks slipped on Friday after a surprisingly strong August jobs report made investors think the Federal Reserve might hike interest rates soon.
The S&P 500 dropped 0.3%, the Dow fell by 245 points, and the Nasdaq slid 0.2%.
Still, big tech names like NVIDIA and AMD helped cushion the fall.
US adds 162,000 jobs in August
The US added 162,000 jobs in August, way more than expected, and earlier summer numbers got bumped up too.
Even with all this hiring, unemployment stayed at 4.1%.
After these numbers came out, chances of a Fed rate hike on September 16 jumped from about 49% to over 60%.
Now, everyone's watching for next week's inflation report to see what happens next.