Wall Street slides as strong jobs data fuels interest rate hike worries

Fed Governor Christopher Waller and St. Louis Fed President James Bullard said on Thursday they would support another 75-basis-point rate increase, but forecast a downshift to a slower pace afterward

Wall Street's main indexes slipped on Friday after stronger-than-expected jobs data fueled expectations of another big interest rate hike by the U.S. Federal Reserve later this month.
 

The Labor Department's report showed nonfarm payrolls rose by 372,000 jobs in June, higher than the estimated rise of 268,000 jobs, according to a Reuters poll of economists.
 

The report also showed jobless rate remained near pre-pandemic lows at 3.6% and average hourly earnings rose 0.3%, after gaining 0.4% in May, all pointing to strength in the labor market.
 

"Certainly, it solidifies the view that there's going to be a 75-basis-point increase in