U.S. Stocks Fall After Strong Jobs Data Revives Fed Rate-Hike Bets

The three major U.S. stock indexes closed lower on Friday after August nonfarm payrolls came in far stronger than expected, reviving market expectations that the Federal Reserve could raise rates this month. Rising U.S. Treasury yields also made investors more cautious, according to ETNet. The Dow Jones Industrial Average fell 271.86 points, or 0.51%, to 53,414.25. The S&P 500 lost 29.11 points, or 0.38%, to 7,718.6, while the Nasdaq Composite declined 77.07 points, or 0.29%, to 26,506.99. In Hong Kong, the Hang Seng Index closed at 25,413, down 237 points, or 0.9%, on turnover of HK$209.7 billion. ETNet also noted that the eurozone will release second-quarter GDP at 5:00 PM Hong Kong time today, with seasonally adjusted quarter-on-quarter growth expected to rise to 0.4% from flat and year-on-year growth seen widening to 1% from 0.5%. Tomorrow, China is due to report August exports, imports and trade balance. Exports are forecast to rise 26% year on year from 23.9%, imports are expected to increase 31.9% from 27.6%, and the trade surplus is projected to widen to $119.55 billion from $112.34 billion.