Stocks Tumble, Oil Prices Surge as Markets Brace for Key Jobs Report

Stocks slumped on Thursday, with the Dow falling 1.4%, the S&P 500 dropping 1.2%, and the Nasdaq declining 1.4%. The losses came after hawkish comments from a Federal Reserve official.

Oil prices spiked over 1% to their highest level since October, which contributed to the down market. West Texas Intermediate crude settled at $86.59 per barrel.

All eyes are now set to turn to the March jobs report on Friday, which will provide insight into the health of the labor market.

A spike in mortgage rates is the top reason homeowners are not actively shopping for homes, according to a new survey. Rates remain elevated near 7%.

If stocks continue rallying, it could provide a $700 billion boost to consumer spending over the next two years, presenting upside risk to economic forecasts, says Capital Economics.