US stocks dropped on Thursday as traders ramped up expectations for another interest rate hike after strong private jobs data that suggests more central bank tightening could be in order.
Private payrolls jumped to 497,000 in June, per ADP data, more than double economists' estimate of 220,000 private payrolls for the month. The figure is also nearly double the revised 267,000 payrolls recorded in May, marking the largest jump in private payrolls since July of last year. The data reflects a hot jobs market, which Fed officials have cited as a reason why interest rates could stay elevated.
Traders upped their bets on the Fed raising interest rates at its policy meeting this month. Investors see a , according to the CME FedWatch tool, a move that would lift the Fed funds rate target to 5.25-5.5%.
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