Stock market news today: September jobs report cements big Fed rate hike – Markets Insider


US stocks plunged on Friday after a stronger-than-expected September jobs report all but solidified another outsized interest rate hike by the Federal Reserve in November.
The US economy added 263,000 jobs last month, ahead of consensus expectations for 255,000. The unemployment rate fell to 3.5% from its prior month reading of 3.7%. Expectations were for the rate to remain unchanged.
Much of the job gains were in healthcare as well as leisure and hospitality, with average hourly earnings also moving higher in September. The report gave credence to the Fed’s continued resistance to calls that policymakers should pivot away from interest rate hikes. The CME Fed Watch Tool put the odds of a 75-basis-point rate hike at 82%, a 7% jump from yesterday’s expectations.
“Today’s job report indicates the job market keeps chugging along – and the Fed has more work to do,” CIBC Private Wealth’s David Donabedian told Insider. “This is not good news for the Fed which wants to see a slowing in the jobs market to ease wage growth and inflation pressure… The Fed is not done tightening the screws on the economy, creating persistent headwinds for the equity market.”
Here’s where US indexes stood shortly at the 4:00 p.m. ET close on Friday:
Here’s what else is happening today:
In commodities, bonds and crypto:
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