Stock Market Today: SPY, QQQ Plummet as Blowout Jobs Report Fuels Rate Hike Expectations

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News That Moved the Stock Market Today

The U.S. economy added 172,000 nonfarm payrolls in May, nearly double the estimate of 88,000. In addition, April’s additions were revised higher to 179,000 from 115,000, while the unemployment rate stayed put at 4.3%.

However, the report put pressure on the stock market because it also increased the odds of rate hikes. The odds of at least one rate hike by year-end on the CME FedWatch tool rose to 70.4% from 50.5% a day ago.

President Trump argued that economic growth doesn’t necessarily translate to inflation. “With a great Jobs Report, like just announced, stocks should go up, not down,” he said in a Truth Social post. “That’s the way it was for 200 years. Growth does not mean inflation!”