Strong hiring report pushes stocks lower as rate fears return

The U.S. economy added 162,000 jobs in August, nearly three times consensus expectations, while unemployment held at 4.1%. The stronger labor market lifted Treasury yields as investors increased bets that the Federal Reserve could keep rates higher or raise them to guard against inflation.

Full-time employment rose by 700,000 in the household survey, while part-time employment fell by 400,000. Annual wage growth reached 4.3%, and manufacturing and services activity continued to expand.

The report supported expectations for continued economic growth but pressured stocks, particularly expensive and rate-sensitive technology companies. Investors are likely to look to the next inflation report for clues about the path of interest rates.

Read the full story at 247wallst.com.