Stock futures slid Friday as investors digested hotter-than-anticipated jobs data, worrying investors looking for signals that the Federal Reserve can begin slowing interest rate hikes.
Futures tied to the Dow Jones Industrial Average futures dropped 415 points, or 1.2%. S&P 500 and Nasdaq-100 futures lost 1.5% and 2.3%.
Non-farm payrolls increased 263,000 in November, a bigger gain than the 200,000 increase expected by economists polled by Dow Jones. Treasury yields jumped as stocks slid as investors responded to the data.
“Friday’s stronger-than-expected jobs report gives the Federal Reserve more reasons to continue raising interest rates and maintain tighter monetary policy for longer, at least until the labor market begins to weaken, which is a signal that the market does not want to hear right now,” said Robert Schein, chief investment officer at Blanke Schein Wealth Management.
Friday’s is the final monthly employment report…