"Dow Plummets on Concerns Over Rising Interest Rates Amidst Disappointing Jobs Data"

The Dow Jones Industrial Average fell over 400 points as strong job data raised concerns about higher interest rates. Both the S&P 500 and Dow hit their lowest levels in over four months, with the Dow turning negative for the year. The unexpected increase in job openings fueled worries about a tight labor market. Investors are closely watching benchmark Treasury yields, which reached 16-year highs. Higher borrowing costs are seen as negative for businesses and consumers. Some investors believe megacap stocks could lose momentum as yields continue to rise. Atlanta Fed President Raphael Bostic stated that there was no urgency for the Fed to raise rates again, but it will likely be a long time before rates are cut.