Stocks Slip, Yields Surge After Strong Jobs Report Raises Rate Hike Fears

U.S. job growth surged in September, beating expectations and signaling the labor market remains strong. This raises concerns the Fed will keep interest rates high.

The S&P 500 and Dow are on track for weekly losses amid recession fears due to aggressive Fed rate hikes.

Major stocks like Nvidia, Meta, and Amazon fell 0.7-0.8% on Friday after the jobs report. The 10-year Treasury yield hit 16-year highs.

September consumer inflation and producer price index data is due next week, which will be closely watched along with upcoming bank earnings.

Tesla shares fell 2% after cutting prices on Model 3 and Y vehicles. Exxon dropped 2% on reports it may acquire Pioneer Natural Resources.