Stock market news live updates: Stocks slide after stronger-than-expected jobs report

U.S. stocks sank Friday morning after stronger-than-expected jobs data had investors recalibrate expectations around when the Federal Reserve will pause its rate-hiking campaign.

The Labor Department’s monthly jobs report for November showed payrolls grew by 263,000, higher than estimated, while unemployment held at 3.7%. Bloomberg expected a print of 200,000 for the month.

The S&P 500 (^GSPC) tumbled 1.4%, while the Dow Jones Industrial Average (^DJI) fell by 1.1%, or nearly 400 points. The technology-heavy Nasdaq Composite (^IXIC) slid 1.8%. Elsewhere in markets, U.S. Treasury yields ascended following the release. The benchmark 10-year Treasury note topped 3.6%, and the rate-sensitive 2-year yield rose past 4.4%.

“Another strong jobs report and high wage growth confirms that the Fed’s job isn’t complete yet,” Lazard Asset Management Head of U.S. Equity Ron Temple said in a note. “Investors need to reassess their optimism regarding the end of policy tightening – both the level…

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This article was written by and originally published on finance.yahoo.com