Stock market news today: Blockbuster jobs report suggests hawkish Fed

US stocks fell on Friday after a blockbuster January jobs report suggested the Federal Reserve will continue to be hawkish with more interest rate hikes.

The US economy added 517,000 jobs in January, more than double the estimate of 188,000. The unemployment rate fell to 3.4%, representing the lowest level in 54 years. The continued strength of the labor market could be a hindrance to Fed Chairman Jerome Powell's quest to tame inflation, as a tight labor market often leads to higher wage gains. After the jobs report, the chances of further interest rate hikes in March and May increased significantly, according to the

This mfer said “fall” 🤡

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