Weekly Recap: Jobs Report Sends Stocks Lower as Fed Rate Hike Odds Rise to 58% in September
TLDR
- U.S. stocks fell Friday after a stronger-than-expected August jobs report raised fears of a Fed rate hike
- The economy added 162,000 jobs in August, more than double the 55,000 economists expected
- Odds of a September Fed rate hike jumped to 58% after the report, up from 49% Thursday
- Chip stocks bucked the trend, with the PHLX Semiconductor Index rising 3.4%
- Lululemon shares dropped 17% after the company cut its revenue and profit guidance
A blowout jobs report sent stocks lower on Friday, as investors rushed to reprice the odds of a Federal Reserve interest rate hike this month.
The Dow Jones Industrial Average fell 272 points, or 0.5%. The S&P 500 dropped 0.4% and the Nasdaq Composite slipped 0.3%. The declines came a day after both the Dow and the S&P 500 posted their best single-day gains in nearly a month.
The August nonfarm payrolls report showed the U.S. economy added 162,000 jobs last month. That was more than double the 55,000 jobs economists had forecast.
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