Market Plunge Following Strong Jobs Report

On Friday, the U.S. stock market witnessed a significant downturn, with major indexes such as the Dow Jones, Nasdaq 100, and S&P 500 experiencing steep declines. This market reaction came in the wake of a stronger-than-expected U.S. jobs report, which has raised concerns over the Federal Reserve's interest rate strategy moving forward.

Unexpected Surge in Nonfarm Payrolls

December's nonfarm payrolls jumped to 256,000, far surpassing the anticipated 160,000. This unexpected growth has led to fears that the Federal Reserve might postpone further interest rate cuts, unsettling investors and leading to a sharp selloff in the market.

Market Reaction

By 10:15 am ET, the Dow Jones Industrial Average had plummeted by 1.45%, or 614 points, while the Nasdaq 100 and S&P 500 saw declines of 2.03% and 1.69%, respectively. Concurrently, the euro weakened against the dollar, dropping 0.42% to $1.02580.